The two-day WBF2019 Singapore & World Blockchain Award Asia (WBF2019 Singapore) came to a successful conclusion on June 23 at Marina Bay Sands Singapore.

More than 3,000 participants, 90 speakers, and over 100 media attended the Forum and enjoyed the nearly 30 keynote speeches and 9 round-table forums which focused on “The Era of Reg Tech & Digital Finance”, aiming to share the industry development trend with Asian blockchain practitioners and expand the industry development boundary.

An industry top traffic platform which definitely benefits you a lot

Marc Andreessen, a venture capitalist, once said that in 20 years’ time we would be talking about blockchains as nowadays we talk about the Internet. However, the future will always come sooner than we expected. At WBF2019 Singapore, the elites from all walks of life in the blockchain ecosystem discussed the hot issues such as the integration of blockchain technology with the real society and economy, the future development trend of the industry, and the approaches to embrace regulation from different dimensions.

Each keynote speech was a feast of insights and received enthusiastic feedback; each round table forum created a fierce collision of different views and triggered ongoing discussion both inside and outside the venue.

With practical innovation, the blockchain scenario has attracted much attention

For blockchain technology, participants reached such a consensus that technology is not for the growth of the wealth of the few, but for the benefit of all. Therefore, while looking up to the ideal, we are more pragmatic, focusing on how to serve the daily life with the blockchain technologies.

According to Aly Madhavji, the co-founder of Blockchain Founders Fund, Polymath consultant and United Nations consultant, the real innovation of blockchain is to find the real scenario application of blockchain and make the most of blockchain infrastructure in the new business world. Currently, blockchain technology has been preliminarily applied in finance, education, entertainment, social media, enterprise storage, product traceability et al., with the problem of trust and inefficiency effectively solved.

In the round table forum of “Emerging Technologies and Blockchain Convergence”, Mohaned Jami, CIO of Sigmachain, mentioned the cooperation with universities in Vietnam to set up a blockchain project for food safety tracking to serve daily life.

In his keynote speech “Depth & Scalability: New Opportunities for 2019 Blockchain”, Paul Brody, S&T leader of Global Innovation & Block Chain of Ernst & Young, expressed disappointment at the development of blockchain so far because most of the blockchain technology applications are focused on social media, cryptocurrency, etc. He hoped that more companies could implement blockchain technologies into a specific business model.

Kong Huawei, Director of Shanghai Branch of Institute of Computing Technology, Chinese Academy of Sciences, saw the possibility of combining blockchain technology with other innovative technologies. He believed that AI and blockchain technologies would be combined in the future, which would contribute to a situation that the future WEB will be an economic WEB and that smart contract will realize transactions between Tokens.

Digital currency is a hot topic among the many big names

Digital currency is an important topic that cannot be ignored in the blockchain era, and also one of the hot topics at the Forum. With the rapid development of digital currency, will traditional legal tender disappear? What is the future relationship between digital currency and legal tender? According to Dr. Daniel Diemers, Strategy partner and EMEA blockchain head of PwC, digital currency is a new form of currency; the gems, the real estate, the music copyright, the game coins, and almost everything can be tokens, and there will be more kinds of cryptocurrency in the future. Due to different intentions to use, the traditional currency will not disappear, and digital currency and traditional currency will coexist for a long time. Franklyn Richards, the Founding Director of Litecoin, echoed that sentiment in his speech, due to the empathy and appreciation between the big names.

Share the experience of different countries and reach consensus on industry regulation

In terms of the financial development environment, different regions have different regulatory policies and development ideas for blockchain technology and virtual currency. However, in 2018, many government departments and regulators reached a basic consensus on strengthening the regulation on virtual currencies. At the Forum, a number of guests from the Asian-Pacific region shared their own country’s experience:

As noted by Hyeong-Joo Kim from South Korea’s Blockchain Industry Development Association, the government and technology companies in South Korea are now actively changing, hoping to create a good ecological environment for the long-term development of the blockchain market.

As indicated by Rafael Padilla, Co-founder of the Blockchain Association of the Philippines, the Philippine government is tolerant of the combination of blockchain technology and finance but needs to learn from other countries against many practical challenges.

According to Liang Jieyang, founder and co-chairman of HKBA (Hong Kong Blockchain Association) in his keynote speech “Revolutionize the Capital Market”, regulation is not a bad thing for blockchain industry because the combination of top-down regulation and bottom-up compliance can help to create a mature legal environment in the interaction. Within such a legal framework, the project party and the regulator can drive industry development in new ways.

Technology higher-ups lead the Forum in a different way

Technology higher-ups shared their insight into the current problems from the perspective of technology. In his keynote speech “Decentralized Digital Identity: The Core Elements of Growth”, Nathan Aw, Technical Delegate of Hyperledger, dragged the attention of people again back to the topic of decentralized digital identity that has been repeatedly mentioned and let people look at the relation between blockchain and the Internet once again.   

At WBF2019 Singapore, top KOLs in the global blockchain delivered their blockbuster speeches with a pragmatic attitude and forward-looking judgments and received unanimous praise from the participants.

See you again in New York in September

Since its establishment in 2017, WBF has been focusing on the forefront of global blockchain technologies and has been always committed to building the top blockchain traffic platform in Asia. WBF2019 Singapore concluded successfully on June 23. Say goodbye in Lion City and look forward to meeting in New York. See you again at WBF2019 New York on September 27-28.