{"id":23499,"date":"2023-11-26T01:42:25","date_gmt":"2023-11-26T09:42:25","guid":{"rendered":"https:\/\/essential.construction\/news\/aec-blockchain-developer-arcartera-gets-official-recognition\/"},"modified":"2023-11-26T01:42:28","modified_gmt":"2023-11-26T09:42:28","slug":"aec-blockchain-developer-arcartera-gets-official-recognition","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/aec-blockchain-developer-arcartera-gets-official-recognition\/","title":{"rendered":"AEC Blockchain Developer Arcartera Gets Official Recognition"},"content":{"rendered":"

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Arcartera Limited, a Hong Kong-based Developer of AEC Blockchain Infrastructure, has received an official Letter of Appreciation from the country\u2019s Monetary Authority, HKMA<\/strong>.<\/p>\n

HKMA just announced their first pilot transactions of Central Bank Digital Currency (CBDC), which was achieved using mBridge, a system developed by the Bank of International Settlements (BIS). Arcartera<\/a> was a key team member involved in this project.<\/p>\n

Though a major concern has risen over the regulation of blockchain products, Arcartera Limited has chosen to embrace officially endorsed government works, in contrast to many decentralized tokens such as Bitcoin.<\/p>\n

Smart contracts automate subcontractor payments<\/h2>\n

The team had been developing Web3 Infrastructure for many years, with a special focus on stablecoins. These are tokens that are usually pegged across a fiat, or physical currency, which act as the means of moving in and out of trading cryptocurrencies. Arcartera is using them in smart contracts for architects that pay subcontractors.<\/p>\n

Construction work is typically outsourced, and parties, even though aligned in the Building Information Management (BIM), usually have opposing, non-trusting positions. The connected nature of blockchain prevents any tempering of data \u2013 contractors are paid automatically if the conditions lined out in the smart code are met.<\/p>\n

Official recognition<\/h2>\n

\u201cWe are honoured to receive an official Letter of Appreciation from the Hong Kong Monetary Authority, HKMA\u201d, said Gregor Hans Schoener<\/strong>, the company\u2019s CEO.<\/p>\n

This letter was based as an appreciation for the consultation and feedback provided on the payment token, a project where the HKMA plans to set up their digital currency, which would act as a stablecoin. The e-HKD token would be developed across the blockchain technology, and it would significantly act as the electronic Hong Kong dollar for the citizens of the Hong Kong S.A.R.<\/p>\n

As HKMA has been working on creating this digital innovation, they issued a discussion paper earlier this year, which was taken as the basis of the feedback by Arcartera Limited. The letter was sent as an appreciation reply for such an in-depth overview aligning with the current conditions.<\/p>\n

Arcartera\u2019s founders have put in their role in building blockchain technology and assorted infrastructure for many years. Getting an official letter from such a renowned government organization is a great endorsement of their work and efforts in the industry.<\/p>\n

The Arcartera founders<\/h2>\n
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