News

5th Biotechnology Get Together 2018 – A View to the Future

Over 300 guests from the government, academia and the industry gathered at the 5th Biotechnology Get Together on December 10, 2018 at Hotel ICON to network and exchange their views towards the biotechnology development in Hong Kong. Co-hosted by The Hong Kong Polytechnic University, The University of Hong Kong, Nan Fung Life Sciences and Avalon Biomedical Management, Ir Prof. Ping-kong Alexander WAI, Vice President (Research Development) of PolyU gave the welcome remarks on behalf of the hosts. Dr. Johnson LAU, Chairman and CEO of Athenex gave a speech on the biotechnology and future development in Hong Kong while Prof. Kwok Yung YUEN, Chair of Infectious Diseases, Department of Microbiology of the Hong Kong University gave a presentation on the topic ‘Control of Emerging Infectious Diseases’. A cheque presentation ceremony was held on stage with Avalon Polytom (HK) Limited to present the cheque to the research team from the Department of Applied Biology and Chemical Technology of PolyU for the grant of sub license fee for the new drug development. Please click here to review our snapshots.  

"2018 Biotechnology Innovation in Greater Bay Area” Summit

A “Biotechnology Innovation in Greater Bay Area” Summit was held at Hotel ICON with the participation of various leaders and government officials to give their insights on the biotechnology development in Hong Kong and the Greater Bay Area, the challenges and the synergized opportunities ahead. Participants include Mr. Liu Zhiming, Deputy Inspector (Education and Science), Liaison Office of the Central People's Government in Hong Kong SAR; Dr. Zeng Lu, Director of Guangdong Academy of Science and Technology Service; Dr. Lawrence Li, University Treasurer of PolyU; Mr. Antony Leung Kam-chung, GBS, JP, Group Chairman & CEO of Nan Fung Group; Mr. Gavin Poon, Board Member of Hong Kong Science & Technology Park and many other leaders from the pharmaceutical companies in Hong Kong and Greater Bay Area. To view the snapshots, please click here.

PolyU - China Resources plan to establish joint research centres for micro-electronics and precision medicine

Mr T C CHAN, Chairman of PolyU Council, said, “PolyU has always been committed to conducting impactful research with practical value. In addition to basic research, we also attach great importance to applied research. Among the universities in Hong Kong, PolyU has achieved outstanding results in knowledge transfer, taking up a leading role in the last four consecutive years. This is attributed to our close collaboration with the industry over the years. PolyU has proved itself a good partner of the industry. It is convinced that the collaborative effort between PolyU and CRG will generate fruitful commercialisation results from our research success through the tripartite partnership among industry, academia and research sector, thus improving people’s quality of life and promoting economic prosperity.” Mr CHEN Ying, Chief Strategy Officer of CRG, said, as a China state-owned enterprise, the Group is determined to implement its innovation-and-technology (I&T) driven strategies. The Group acknowledges that I&T is critically important to its transformation and development, therefore I&T development is a sustainable strategic direction of CRG. In the long run, the Group would cultivate innovation as corporate’s culture and DNA, it would also enhance investment in technology innovation, nurture talents and future leaders, perfect corporate culture and improve incentive schemes. The collaboration between CRG and PolyU is an important initiative to realise the nation’s implementation of the “innovation-driven” growth strategy and the Greater Bay Area development plan, as well as the Group’s I&T development strategy. Leveraging each other’s strengths, both parties will beef up the manpower and resources for I&T and promote commercialisation of research efforts. CRG will also continuously enhance its innovativeness and competitiveness for economic development and develop high-quality products. PolyU will collaborate with CR Micro to jointly develop an intelligent sprayable nano-engineered sensor system for monitoring the structural health of large wind turbine blades and its management system. It is expected that such technology will be applied to wind turbines of the renewable energy sector of China Resources. Another joint research project is to develop a low-cost, light-weight, highly sensitive and mechanically flexible organic electrochemical transistors for medical diagnosis use. CR Micro also plans through various channels to support the joint R&D in third generation power semiconductor and module-based semiconductor device, sensing application, AI and advanced manufacturing, Internet of Things and smart cities. The two parties will jointly apply research project grants from Hong Kong and national projects, and strive to open up domestic and foreign markets through various channels for commercialisation of research findings. Separately, PolyU will collaborate with CR Life Science to develop frontier technology and products in life sciences and precision medicine, covering both fundamental and clinical research on precision medicine. The collaboration will leverage the edges of the two parties to conduct research on tumors, cardiovascular diseases, endocrine and metabolic diseases and rare diseases. PolyU experts will undertake research projects whereas CR Life Science will provide major research funding and open the channels for the application of related technologies. About The Hong Kong Polytechnic University The Hong Kong Polytechnic University (PolyU) has a total student population of about 28,000. Through our faculties and schools, the University connects education and research to the real world as manifested in our motto: “To learn and to apply, for the benefit of mankind”. Through an innovative education model combining professional knowledge with Service-Learning and real-world experience, PolyU has nurtured many bright minds to serve and contribute to the community. We also challenge boundaries and uncover knowledge, bringing many practical yet world-changing ideas to life for the benefit of mankind. These efforts reflect our commitment as described in the University’s brand promise – “Opening Minds • Shaping the Future”. Website: www.polyu.edu.hk About China Resources (Holdings) Co., Ltd. China Resources (Holdings) Co., Ltd. (“CR” or “China Resources Group”) was first established as “Liow & Co.” in Hong Kong in 1938, and was later restructured and renamed as China Resources Company in 1948. The Group’s core businesses include consumer products (including retail, beer, food and beverages), power, real estate, cement, gas, pharmaceuticals and finance. Under China Resources Group there are 7 key strategic business units, 17 grade-1 profit centers, 7 listed companies in Hong Kong, and more than 400,000 employees.  In 2017, the Group achieved a turnover of HKD 541 billion. China Resources Group is one of the Fortune Global 500 enterprises, ranking 86 in 2018. Website: https://en.crc.com.cn/ About China Resources Microelectronics Limited CR Micro is a Chinese analog semiconductor group with a complete industrial chain, together with its subsidiaries (the “Group”) is engaged in four principal businesses, which cover Integrated Circuits (“IC”) design, open foundry, IC testing & packaging and discrete devices businesses. CR Micro is positioned as the most competitive semiconductor company in mainland China. CR Micro is striving to become a leader for energy-saving semiconductor products in China by capitalizing on the eminent position of China as the global manufacturing powerhouse and its burgeoning domestic market, unique design and process technologies of the Group as well as synergy from close cooperation among internal industrial chain. Website: http://www.crmicro.com About China Resources Life Science Industry Development Co., Ltd. CR Life Sciences Industry Development Co., Ltd. is positioned as the "innovation engine" of China Resources Group's comprehensive health sector. It focuses on the three fields of precision medicine, biotechnology and digital medical care. At present, it is building China Resources Life Science Park in Beijing, actively attracting technical achievements in the fields of protein, small nucleic acid iRNA, oncolytic virus, CAR-T, monoclonal antibody, traditional Chinese medicine, medical device, aerospace microorganism, gene diagnosis and so on, to create a comprehensive platform integrating production, study, research and application. At the same time, CR Life Science will set up a life science research institute to integrate basic research, technology research and development, application demonstration and result transformation, carry out cutting-edge research in the industry and cultivate talents with independent innovation, in order to facilitate independent innovation and building China into a science and technology giant.     Please click here for press release. Please click here for the snapshots.  

MoU Signing Ceremony of PolyU - Alibaba Cloud on Artificial Intelligence Collaboration

PolyU and Alibaba Cloud, the cloud computing arm of Alibaba Group, signed a Memorandum of Understanding (MoU) on 13 Nov 2018, to strengthen their cooperation in Artificial Intelligence (AI) research, particularly focusing on the areas of smart cities and smart healthcare. The two parties hope to translate research findings into real applications which can be initially adopted in Hong Kong as a pilot and then rolled out to the rest of the Greater Bay Area and other overseas cities. The MoU signing ceremony was held on the campus of PolyU, with Professor Alex WAI, PolyU’s Vice President (Research Development), and Mr Simon HU, Senior Vice President of Alibaba Group and President of Alibaba Cloud, as signatories. Dr HAO Yin-xing, Director of Liaison Office of the Central People’s Government in the Hong Kong SAR, and Professor Timothy W. TONG, PolyU President, alongside a number of industry leaders also attended and witnessed this event. Professor TONG said in the event that PolyU is very pleased to collaborate with Alibaba Group, he is convinced that the extended strategic cooperation between PolyU and Alibaba Cloud will further the development of cutting-edge technologies in the fields of smart cities and smart healthcare. Professor Alex WAI, PolyU’s Vice President (Research Development) (Left), and Mr Simon HU, Senior Vice President of Alibaba Group and President of Alibaba Cloud (Right) sign the MoU for strengthening their cooperation in Artificial Intelligence (AI) research "PolyU and Alibaba Group have been working closely together for some time, collaborating on many Alibaba research projects, AI-related projects and activities. PolyU has been recognised for its endeavors when it was ranked eighth in terms of field-weighted citation impacts in AI research according to data analysis for Times Higher Education. Combining the two parties’ research capabilities in AI and big data analysis, we will deliver fruitful results for both scientific research and technological development," said Professor Philip C.H. CHAN, PolyU Deputy President and Provost. "In 2017, Alibaba Cloud launched the ET Brain series which integrated urban management, industrial optimization, auxiliary medical care, environmental management and aviation scheduling amongst other capabilities. ET City Brain and ET Medical Brain have achieved significant success in a relatively short period of time. We are confident that by combining Alibaba Cloud's powerful cloud computing infrastructure and AI technology with PolyU's research capabilities, we will be able to drive forward the digital transformation of industries through applicable technologies that enhance people’s lives," said Mr Simon HU. The two parties will further explore the opportunity for setting up a joint research center to advance AI research, including fundamental research, applied research and commercialisation of research findings that will ultimately support the development of the ecosystem and benefit the wider community. In the area of smart cities, the two parties will strive to apply big data technologies and the Deep Neural Network to areas such as public transportation management and urban planning. As for smart healthcare, PolyU and Alibaba Cloud hope to develop a series of advanced and impactful AI-application technologies. Initiatives that have already been identified include helping to lower medical expenses, reducing the chance of medical malpractice, assisting in the automation of diagnostic procedures and providing more personalised medication services for patients. Since 2016, PolyU has been working closely with Alibaba Group through a number of inter-disciplinary research. PolyU and Alibaba Cloud will promote the application of AI solutions in different fields through their strong networks, with a target to promote AI development in Hong Kong in order to bring wider societal benefit. Please click here for the press release. Please click here for the snapshots.

PolyU and SZU Spearhead the Launch of Guangdong-Hong Kong-Macau Greater Bay Area Rail Transit Joint Innovation Union

The Hong Kong Polytechnic University (PolyU) and Shenzhen University (SZU) spearhead the establishment of the “Guangdong-Hong Kong-Macau Greater Bay Area Rail Transit Joint Innovation Union” (the Union) with 10 other universities and enterprises. The 12 participating parties signed a memorandum of understanding (MoU) in the ceremony held in Shenzhen on 12 October 2018, signifying the kick-off of the collaborative advancement in the research and development (R&D) of rail engineering. The Union aims to build an integrated rail transit system within “Guangdong-Hong Kong-Macau Greater Bay” (The Greater Bay) by combining the research strengths of the collaborating parties. The Union will serve as the joint innovation platform of rail transit in "The Greater Bay" through facilitating collaborations between universities and industries. The Union will seek research and technological breakthroughs to cater to the tremendous needs of safe operations and maintenance of the rail transit in The Greater Bay. The research efforts will focus on smart sensing and health monitoring of rail infrastructure, safety alert mechanism, disaster resilience program, crisis contingency, and recovery plan etc., to promote safe operation and maintenance of rail transit system. The Union will take advantage of the academic resources and strengths of the participating parties to foster talent nurturing in the Greater Bay, and to promote technology transfer as well as industrialisation of the research outcomes within and beyond The Greater Bay Ir. Professor Alexander Wai, Vice President (Research Development) of PolyU, said, "Leveraging the ‘one country, two systems' and the distinctive feature of internationalisation, Hong Kong has the full advantage to become an international innovation and technology hub. Hong Kong universities play a pivotal role in the development of science and technology, grooming international talents and facilitating innovation and entrepreneurship. PolyU has been actively participating in various national research projects over an extended period, from space missions and high-speed rail in China to the recent research collaborations in The Greater Bay for technological advancement including the establishment of the First Biotechnology and Translational Medicine research platform, Joint Center for Immunotherapy and a Supercomputer Union. We expect the Union will bring out the greater benefits of different institutes and enterprises for expanding the scope of innovation and technological commercialisation.   Professor Li Qing-quan, President of SZU, said that the launch of the Union will provide a strong boost to the developments of The Greater Bay. The Union comprises of universities and research institutions within and beyond The Greater Bay, indicating a strong base for diversified cooperations. He believes the Union will bring about profound outcomes in the R&D of the rail transit system. Mr Du Yan-liang, Academician of China Engineering Academy also remarked that the Union can incorporate the different needs for rail transit development within The Greater Bay and build a network of smart and modern transportation system with its innovative technologies. The MoU was jointly signed by Ir. Professor Alexander Wai, Vice President (Research Development) of PolyU and Professor Li Qing-quan, President of SZU as representatives from the two leading units, as well as the representatives from the 10 partners including Sun Yat-sen University, Guangzhou University, Beihang University, Southwest Jiaotong University, University of Macau of China, Imperial College London and University of Birmingham of United Kingdom, China Academy of Railway Sciences Corporation Limited, China Railway Engineering Consulting Group Corporation Limited and Shenzhen Guangshengang Investment Management Corporation Limited.   Mr Ju Ming, Associate Director, Department of Science and Technology, Ministry of Education and Mr Xing Feng, Deputy Director, Department of Education, Guangdong Province delivered a speech at the signing ceremony which was well-attended by many government officials and industry leaders.   Please click here for press release.

PolyU – Axis Therapeutics Joint Center for Immunotherapy launched to develop Innovative Cancer Treatments

The Hong Kong Polytechnic University (PolyU) joins forces with Axis Therapeutics, a newly established joint venture by two global biopharmaceutical companies – Athenex, Inc. and Xiangxue Pharmaceutical, to foster the research and development of translational medicine by setting up a Joint Center for Immunotherapy. The Center is set to conduct collaborative research on cancer immunotherapy, with an aim to develop new cancer treatments.  A memorandum of understanding (MoU) signing ceremony for setting up the PolyU—Axis Therapeutics Joint Center for Immunotherapy was held on 18 July 2018. The MoU was signed by Ir Professor Ping-kong Alexander WAI, Vice President (Research Development) of PolyU; Dr Johnson LAU, Chairman and CEO of Athenex, Inc.; and Mr YongHui WANG, Chairman and CEO of Xiangxue Pharmaceutical and CEO of Xiangxue Life Sciences. Addressing at the MoU signing ceremony, Mr Tze-ching CHAN, PolyU Council Chairman said this collaboration would add on PolyU’s continuous efforts and achievements in biotechnology development in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA). PolyU is committed in the innovation and technology development of translational medicine, as well as transferring pioneering research to real-life applications for the benefits of mankind. Over the years, the University has been engaging in the first three new drugs developed in Hong Kong which have succeeded in getting Investigational New Drug (IND) application approval of US Food and Drug Administration (FDA). Professor Ping-kong Alexander WAI remarked, "Partnerships between academia and industry have been very fruitful, leading to significant innovations in the form of medicines and better treatments. In this collaboration, PolyU will provide our full support for the research on novel technologies and genetics models to develop cancer immunotherapy technologies based on TCR-T and CAR-T." Dr Johnson LAU said the companies are particularly excited about the potential synergies created by the collaboration. "The collaboration on cancer immunotherapy technology will further complement and enhance our innovation in oncology. We look forward to working closely with PolyU in bringing this novel immunotherapy technology to patients in Hong Kong and across the globe." Mr YongHui WANG said, "We are expecting to explore a new and promising immunotherapy technology in the global scene. The new generation TCR-T, named HATac, is a breakthrough technology. The development of this technology in collaboration with our new partners holds great promise for the treatment of solid tumors. PolyU has demonstrated leadership in academia and proven to be at the forefront of collaboration with the industry to translate biotechnology research and development initiatives into products that can be developed in a commercial scale." Please click here for the press release. Please click here for the snapshots.  

2018 Biotech Summit “Biotech/Pharma, Life Science, and Medical Devices Development in Greater Bay Area - Opportunities and Roadmap to Success”

2018 Biotech Summit “Biotech/Pharma, Life Science, and Medical Devices Development in Greater Bay Area - Opportunities and Roadmap to Success” was successfully held at PolyU campus on 18 July 2018.    PolyU has spared no efforts in trail-blazing advancement in the innovation and technology development of translational medicine spanning from biotechnology, life sciences, new drug and medical device development for real-life utilization.  To further capture and consolidate the core advantage and opportunities brought by the development in Greater Bay Area, PolyU, co-hosted with Invest Shenzhen and Yantian District People’s Government, organized the 2018 Biotech Summit to gather the expertise and networks of different stakeholders in biotechnology of the region to exchange their insights and foster translation and application of innovation and technology development. Mr. Zhang Zong Ming, Deputy Inspector, Department of Educational, Scientific and Technological Affairs of Liaison Office of Central People’s Government in HKSAR, Ir Prof. Alexander Wai,  Vice President (Research Development) of PolyU, Ms. Zhang Fei Meng, Deputy Director-General of Invest Shenzhen and Mr. Shi Wei Gan, Executive Deputy Chief of Yantian District People’s Government gave the welcome remarks. PolyU also invited Dr. Zeng Lu, Director of Guangdong Academy of Science and Technology Service and Mr. Qin Wei, Senior Staff Member of Development and Reform Commission of Shenzhen Municipality to give a keynote speech on “Mapping out Development of Biotechnology and Pharmaceutical Industry in Greater Bay Area” and “Shenzhen – New Polices supporting Innovation in Biotech/Pharma/Life Sciences/Medical Devices Development in Shenzhen” respectively. Three panel discussions were held and gathered different views by a list of industry leaders on the hot industry topics. They are, Panel Discussion: Greater Bay Area Policies and Government Initiatives Moderator: Mr. Antony Leung Kam-chung, GBS, JP, Group Chairman & CEO of Nan Fung Group Panel Discussion:  Pharma and Biotech Collaborative Opportunities Moderator: Dr. William Zuo, President of Polymed Therapeutics Panel Discussion: Medical Devices, Life Sciences and Hospital Collaborations Moderator: Dr. Terence Lau, Director of Innovation and Technology Development of PolyU Please click here for the snapshots.

2018 BIO International Convention

PolyU ITDO will join the Hong Kong Biotechnology Delegation as an exhibitor of the Hong Kong Pavilion at 2018 BIO International Convention held in Boston, Massachusetts, USA. BIO is the one of the world’s largest events for the biotech industry which attracts more than 1,100 biotechnology companies, academic institutions, biotechnology centers and related organizations which come together of intensive networking to discover new opportunities and promising partnerships. It brings together a wide spectrum of life science and application areas including drug discovery, biomanufacturing, genomics, biofuels, nanotechnology and cell therapy.  Through one-on-one partnering meeting, participants can access global biotech and pharma leaders. And over 500 education sessions cover the biotechnology and pharma industry's most relevant and timely topics. For more information about the 2018 BIO International Convention, please visit http://convention.bio.org/2018/.   BIO 2017 Event Summary BIO 2017 Exhibitors List PolyU Participation in BIO 2015, 2016 and 2017. If you are interested to explore this useful platform or for more information, please contact our office at 3400 2819 or email : nelly.lam@polyu.edu.hk.

PolyU wins Two “TechConnect Global Innovation Awards” — Snatching Accolades in the US Two Years in a row

The Hong Kong Polytechnic University (PolyU) brings glory to Hong Kong again by winning two “Global Innovation Awards” at TechConnect World Conference and Expo 2018 staged in the United States. It is the second year in a row that PolyU research teams snatch the accolades in the world’s largest multi-sector summit for accelerating development and commercialization of innovations.  The two PolyU winning innovations are [please refer to Annex for project details]:- • Composite multilayers capacitors with colossal permittivity for electronics and energy storage applications — Professor HAO Jianhua, Professor & Associate Head, and Ms TSE Mei-yan, Department of Applied Physics • Low cost flame retardant treatment for cotton with co-catalyst system — Dr KAN Chi-wai, Associate Professor, The Institute of Textiles and Clothing Dr Terence LAU, Director of Innovation and Technology Development of PolyU, said the awards received over two years are “recognition of the efforts, dedication and achievements of our research faculty members”. “The University will continue to push the frontiers of innovation by nurturing a culture inducive to high impact multi-disciplinary projects. Our research endeavours will continue to contribute to our society and mankind.” TechConnect grants awards to the top 15% of innovations submitted, with assessment based on the potential positive impact the submitted technology will have on a specific industry sector. Around 500 submissions from about 180 organisations were received this year. Among them, 25 are presented with global awards designated for non-US-federal-funded innovations across the world. Another 55 national awards are granted to innovations with US federal funding. The award receivers include many global-renowned institutions and premier research centres, such as Stanford University, UCLA (University of California, Los Angeles), Argonne National Laboratory, IBM Research, Fermi National Accelerator Laboratory, Naval Research Laboratory, Sandia National Laboratories, etc. The PolyU delegation received the awards in person at the TechConnect World Conference and Expo 2018 held in Anaheim, California. At the  20th-anniversary event held from 13 to 16 May, PolyU showcased a total of 15 innovations to numerous members from the industry, government and academia sectors around the world. Besides attending various exchange sessions PolyU delegates also explored product development and cooperation opportunities with various industry end-users, multinational companies and academic institutions to strive for applying the innovations for bringing greater impacts to the world.  For details, please refer to TechConnect official website. To view the snapshots, please click here. PolyU Projects with 2018 TechConnect Global Innovation Awards Composite multi-layers capacitors with colossal permittivity for electronics and energy storage applications — Professor HAO Jianhua, Professor & Associate Head, and Ms TSE Mei-yan, Department of Applied Physics, PolyU With global demand for energy storage growing rapidly over the past decade, surging research efforts worldwide have been put in developing novel capacitors, which can achieve fast charging, high power density and  long cycling lifetime than conventional batteries. This innovation of PolyU is the first report on simultaneously achieving large dielectric constant (i.e. a lot of energy can be stored); negligible dielectric loss (i.e. energy not leaking out and being wasted easily) and high energy density in flexible composite capacitors based on metal-ion co-doped colossal permittivity materials. The host titanium dioxide used in this colossal permittivity system is environment-friendly, non-toxic and abundant. The process developed (solution casting and hot-pressing technique) is relatively simple and low cost for mass production of the composite films, as the ceramic powder fillers are fabricated by conventional solid-state sintering method. The dielectric capacitors we developed based on composite multi-layers present a relatively high dielectric constant with exceptional low loss. The maximum energy density achieved simultaneously is remarkable compared to nano-composites with other ceramic particle fillers. Such novel composite multi-layers capacitors are expected to be greatly superior to the conventional one-dielectric currently used in such systems. Moreover, power electronic applications are currently limited by the capacitor size and performance. Multi-layered capacitors can be easily patterned, with fully solid-state construction, thus being superior to conventional electrochemical construction in many aspects including improved safety. Low cost flame retardant treatment for cotton with co-catalyst system — Dr KAN Chi-wai, Associate Professor, The Institute of Textiles and Clothing, PolyU Fabrics made from cellulosic fibres, such as cotton and linen, will burn easily with a high flame velocity. Many flame retardant (FR) agents and application methods have been developed for producing FR textile materials.  However, for being efficiently fixed to cotton fibres, the FR agents must be used in combination with a resin and catalyst which may introduce side effects such as reduced tearing strength and whiteness. In this invention, co-catalyst is used which can effectively enhance FR treatment and minimise the side effects of FR treatment.  The finishing formulation developed is applied to cotton fabric by conventional pad-dry-cure finishing techniques.  This technology is more cost-saving than conventional methods, as it can reduce the curing temperature and time used for FR treatment, and retain good FR property of cotton fabric even at a lower curing temperature and shorter curing time. It can also effectively minimise the side effects after FR treatment.

PolyU joins forces with Australian partners in launching impactful research on Blockchain Technologies

The Hong Kong Polytechnic University (PolyU) joins forces with Monash University and CollinStar Capital – a leading Melbourne-based institution and a FinTech expert in Australia – to establish the first university-industry joint research laboratory on blockchain and cryptocurrency technologies in Hong Kong. Research under the three-year multi-million-dollar collaboration is expected to significantly enhance the efficiency, privacy protection and security of blockchain technologies for standing against attacks from powerful quantum-computing. Blockchain, a technology that underpins cryptocurrencies, has substantial potential to transform financial industry and other businesses across the world. Advances and applications of blockchain technology is therefore particularly relevant to Hong Kong, which has a large financial sector (18% of Gross Domestic Product; 6% of employment), coupled with government’s determination in developing Hong Kong into a FinTech hub of the region, leveraging especially on the latest Guangdong-Hong Kong-Macau Greater Bay Area initiatives. Moreover, blockchain technology can also be applied beyond e-trading to various domains such as healthcare, logistics, governance and identity management, thus bringing transformative effects on society as a whole. Officiating at the opening ceremony of the Joint Laboratory today (26 Mach), Dr David Chung, Under Secretary for Innovation and Technology, said “The advancement of Hong Kong as a leading blockchain development centre requires concerted efforts from the industry, academia and the Government. Positioning itself as the leading research and technology advancement centre in Asia-Pacific in the focused areas of blockchain and cryptocurrency, I am confident that the joint laboratory will help foster the development of these technologies in Hong Kong.” Ir Professor Alex Wai, Vice President (Research Development) of PolyU, said the University is in the leading role of blockchain and cryptocurrency research in the Greater Bay Area. “By joining hands with Monash University and Collinstar Capital, we will continue to drive the advancement in blockchain ecosystem. Through this collaboration, PolyU is devoted in making the cyberspace safer, more convenient and effective for business and financial services. We believe this collaboration will make influential change to the way of business and our living in the future.”  Blockchain Technology – prospects and challenges Blockchain technology builds an open distributed ledger through a peer-to-peer network, where digital information is recorded as block, linked in chain, and secured by cryptography, with user identity being protected. Since digital records are verified by every node (computer user) in the network, any inconsistency appears in the blocks will be detected, hence data modification is inherently impossible. The innovative features, which enable comprehensive, effective and inalterable record, make blockchain a highly desirable tool for financial transactions, identity management, and complicated logistics process management such as tracking of goods, food, drugs, etc. Despite enormous development prospect, blockchain technology has been facing rising challenges in privacy leakage, control against misuses, hacking security threats, etc. The challenges will accelerate in leaps and bounds, in face of attacks by powerful quantum computers, which may become sophisticated for real application within a decade. PolyU’s research team led by Dr Allen Au, Assistant Professor of Department of Computing, will work on enhancing the efficiency of blockchain technology while addressing two key areas of concerns: privacy and security.  Enhancing privacy and security in post-quantum computing Dr Au said the team will enhance technologies such as Linkable Ring Signatures system and Zero-knowledge Proof system, which enable efficient proving of the validity of online transactions without leaking private information, such as user identity, transaction amount and account balance. They will also develop protection systems that can be operated on today’s computers, yet secured against attacks from quantum computers. To enhance accountability measures against misuse of cryptocurrency, e.g. money laundering, ransom payment request, while still safeguarding anonymity and authenticity, the team will also develop mechanisms for introducing measures such as setting spending/transfer limit, revealing identity under court order, suspending accounts involved in suspicious transactions, etc. Yet, the extent of striking balance between “accountability” and “privacy protection” will be matters to be agreed among the parties concerned. These measures are also applicable to other types of blockchain operations and transactions beyond cryptocurrencies. To view snapshots, please click here.