Force Insight | Web3 Global — Singapore Blockchain Week Highlights Wrap Up
Singapore Web3 Week has been successfully held in Singapore, the Lion City of the South Seas, from 25–29 July 2022, to develop Singapore into a premier blockchain hub, showcasing the local digital transformation process, attracting representatives from the blockchain industry from around the world, bringing together global regulators, technology and the business community, and contributing to establishing Singapore as the best environment for emerging industries to operate. The following are the highlights of the conference.
What the Big Guys Said
1. Singapore Blockchain Ecosystem: Past, Present & Future-Serene Koh | DBS Bank+Dr Ong Chen Hui | IMDA
IMDA, as the forefront builder of Singapore’s digitalization since 2018, is building on four main aspects.
a. Building Singapore’s digital capabilities
b.Upgrading Singapore’s industrial structure
c. Becoming the locomotive of Singapore’s upgraded industries
d. Converging and restructuring industries
To achieve these goals, IMDA has established the Singapore Blockchain Innovation Program at the National University and other academic institutions to integrate academic research with the application sector fully, and the Data Trust Centre to promote the blockchain ecosystem by conducting in-depth research on issues such as enhanced privacy, zero-knowledge proof, and self-sovereign identity. At the same time, IMDA has joined the Data Highway project to do data sharing securely. More openness and cooperation in this area will continue to follow.
Behind this, Singapore’s identity has always been that of a trusted digital innovation hub that will not only help break the boundaries of innovation across industries but will also be trusted to continue to grow the industry stronger and create more opportunities.
For the development of the blockchain industry, here are 3 points to consider.
1. Let more people know what kind of problems blockchain can solve
2. Let people know where the industry’s weaknesses are now and help more people become builders.
3. Expand cooperation within the industry to expand the boundaries and play a more significant role.
2. Blockchain Ecosystem, Development in ASEAN and Beyond -Jason Lee | Algorand Foundation
Blockchain Ecosystem Development in ASEAN and Beyond:
1. In the ASEAN-10 region of 700 million people worldwide, Vietnam and Thailand will still lead the way in crypto asset usage by 2021.
2. The Philippines is overgrowing in blockchain gaming.
3. Indonesia has a substantial Web2 community.
The ASEAN region will account for over 50% of global GDP and 40% of consumption by 2040.
Thus, the ASEAN region is a consumer-led creation type and the most rapidly growing digital economy. Facilitating ASEAN’s digital economy with blockchain and expanding cross-border transactions in the digital economy will require not only increased connectivity and cooperation in terms of services and permissions across regions but also enhanced cooperation at the regulatory and policy levels.
1. Enterprise Blockchain in ASEAN
There are significant differences between enterprise-private and public chains. Current use cases for enterprise blockchains in ASEAN include
Aitos.io builds trusted authentication and privacy-preserving data computing solutions for AIoT enterprises, enabling them to securely connect devices and machines to interact and trade data values. Examples include creating trusted asset management platforms for electric vehicle charging, uploading digital fingerprints to the blockchain to enable digital signatures, and more.
Supraoracle provides next-generation cross-chain prophecy machine solutions that deliver off-chain data more quickly, securely, and reliably and continuously improve their functionality and expand their applications. It also offers cross-chain interoperability, fast confirmation in 3–5 seconds, and cutting-edge cryptography.
Entersoft offers blockchain technology vertical solutions in agriculture for comprehensive monitoring, product development, production planning, vaccination, transplantation, batch, and transaction traceability and accurate inventory description, cost analysis, commercial credit policies, rebate agreements, etc., including end-to-end traceability of supply chains and transparent and open transaction links.
These enterprise blockchain use cases make it easier for people to understand what problems such technology solves and thus be interested in learning and joining in.
2. Getting Down to Business with Web3-Dr. Ernie Teo | Dedoco
Web3 is a more personal network with three key elements, including decentralization, smart contracts, and digital assets. 2. Getting down to business with Web3 can reduce the processes in a traditional industry, such as approval and execution of untrusted contracts, agreements, and documents that are trusted to be streamlined in the Web3 business process.
In addition to this, Web3 has a non-homogeneous document processing NFD (The Non-Fungible Document Process), NFD
a. Provide document issuers, approvers, and owners
b. Ensure the uniqueness of trusted documents, tamper-proof and traceable
c. Therefore, in the digital transformation of enterprises, they can adopt the Web3 document model and shift from a centralized to a decentralized approach. Dedoco can help enterprises streamline their document workflow on a decentralized platform. Documents are digitized with secure real-time authentication and authenticated on the blockchain for the highest degree of transactional integrity.
3. The Metaverse: Tech’s Newest Trend and What it Means for Business — Grace Chng | Deeptech Times
Deeptech Times provides insightful and analytical features and interviews about the blockchain industry. For example, coverage of the latest trends and use cases in the metaverse includes
a. Meta-universe and fashion: the ability to have greater creative freedom and innovation, virtual clothing to reduce waste, and fast food fashion.
b. Meta-universe and finance: digitization of banking services, offering virtual financial interactions and trading with crypto assets.
c. Meta-universe and life: interactive virtual reality social, learning, and work experiences; and virtual gaming and entertainment activities.
We need more metaverse applications and experience to get more people on board and help them grow.
Web3 Research and Exploration
Women and the Metaverse: Building a World for Al
The metaverse is not false, but realizing it is still a long way off. For a long time, the metaverse will exist alongside the real world, complementing each other. The current metaverse is not yet safe for women, and Web2 and Web3 do not have the same security issues. No matter what kind of VR device is brought, I cannot recognize the physical distance between another avatar and myself in time, which requires not only the technology to fill the relevant gap but also the policies to regulate and set appropriate social boundaries.