On April 19, 2024, the 6th International Scientific Conference on Blockchain (ISC2024) co-hosted by the British Blockchain Association (BBA) and Singapore University of Social Sciences (SUSS) concluded successfully at the Carlton Hotel in Singapore. This was the first time the conference was held outside of the United Kingdom. With the theme “Innovation Without Borders,” ISC2024 attracted renowned researchers and industry experts from around the world in the fields of Web3 technology, Distributed Ledger Technology (DLT), and Decentralized Physical Infrastructure Networks (DePIN). During the conference, participants exchanged ideas, shared cutting-edge projects and case studies, and provided valuable insights into the latest developments in these fields.
Professor Robbie Goh, Deputy President of SUSS, attended the conference and delivered a welcome speech, emphasizing that blockchain technology and its broader Web3 ecosystem are akin to venturing into uncharted territories. He highlighted the importance of understanding the problems we are addressing with financial technology as it brings both potential risks and consequences.
During the morning session of the conference, researchers from around the world presented ten selected abstracts of academic papers chosen by the International Scientific Conference (ISC) committee. The presentations included:
– “The Impact of Decentralized Finance (DeFi) on Financial Services in 2034 and the Skills Required by Professionals” by Daniel Liebau from Erasmus University Rotterdam.
– “The Essence of Decentralized Autonomous Organizations” by Professor Sinclair Davidson from Royal Melbourne Institute of Technology in Australia. The discussion focused on the characteristics and functions of DAOs, as well as their potential applications and challenges.
– “Token Classification Framework Theory Based on Value Source and Performance Mechanism” by Dr. Vasily Sumanov from Powerpool Protocol in Cyprus. The research aimed to comprehensively understand token classification and its impact on the blockchain ecosystem.
– “Architecture Design of a Blockchain-Based Carbon Trading System: A Case Study of the South African Carbon Market” by Timileyin Abiodun from the University of Johannesburg in South Africa. The research highlighted the potential of blockchain technology in revolutionizing carbon trading.
– “Shared Security in Simple Mechanism Cryptoeconomics” by Dr. Darcy Allen from Royal Melbourne Institute of Technology in Australia (presented by Professor Sinclair Davidson).
– “Towards Confidential Chatbots: An Extensible Framework for Decentralized Federated Learning” by Dr. Bharath Ramesh from Western Sydney University in Australia. The research aimed to address privacy issues related to chatbot interactions using blockchain technology.
– “Empowering Families in the Genomic Era: A Decentralized Data Trust Method for Ethical Genomic Management” by Daniel Uribe from Genobank.io in the United States. The discussion focused on empowering families in the genomic era through secure and transparent management of genomic data.
– “Assessing the Readiness of the South African Public Sector for Blockchain Technology” by Dr. Beatah Sibanda from North-West University in South Africa. The research aimed to identify challenges and opportunities in implementing blockchain solutions in the public sector.
– “Models and Attributes of Cryptocurrency Projects” by Professor Oleksandr Letycheskyi from Heriot-Watt University in the United Kingdom.
– “Exploring the Next Frontier of Cryptocurrencies: The Revolution of Decentralized Physical Infrastructure” by Dr. Xia Chongwu from SUSS. The discussion focused on the potential of blockchain technology in transforming physical infrastructure and its impact on the future of cryptocurrencies.
In the morning session’s finale, Professor Naseem Naqvi, Chairman of BBA and Editor-in-Chief of the Journal of the British Blockchain Association (JBBA), outlined the process of writing and publishing blockchain research papers in JBBA.
The afternoon session began with a keynote speech by Associate Professor Justina Tan, Deputy Provost (Strategic Partnerships and Engagement) of SUSS. She introduced SUSS’s partnership strategy, emphasizing that SUSS focuses not only on education but also on industry partnerships and their impact on society. She mentioned that the SUSS team is examining trends that drive regional and global business landscapes.
Following that, Deborah Cleary, Head of Partnerships at BBA, provided an overview of BBA’s global ecosystem, including the Evidence-Based Blockchain Center (CEBB), JBBA, Blockchain Association Forum (BAF), All-Party Parliamentary Group on Blockchain (APPG), British Blockchain Association Scholarships (FBBA), International Scientific Conferences (ISCs), UK National Blockchain Roadmap (UKNBR), BBA Student Forum, Metaverse HQ, and various other initiatives. She introduced how their members benefit from BBA’s global network of members, partners, and ambassadors.
As the first keynote speaker of the day, Professor Zvi Wiener from the Hebrew University of Jerusalem outlined the definition and functions of the financial system. With the rise of financial technology, it is essential to fully understand the problems we are addressing as it brings potential risks and consequences.
Next, Professor Philip Chmielewski, Visiting Scholar of SUSS NiFT from Loyola Marymount University in the United States, discussed ethical considerations in financial technology.
Following that, Jag Foo, Director of Business Development at Safeheron, delivered a keynote speech on “Digital Asset Self-Custody Schemes under Multi-Party Computation Technology.”
Leo Lin, Founder of Arkreen, gave a keynote speech on “DePIN Innovative Solutions for Regenerative Financial Digital Infrastructures.”
After the keynote speeches, two panel discussions were held. The first panel discussion focused on the theme “Digital Finance: Shaping the Future of Digital Assets and Tokenization.” It was moderated by Dr. Andrzej Gwizdalski, Co-Founder and Chairman of the Western Australia Web3 Association (WAWEB3). He was joined by Choo Haiping, Regional Head of Digital Assets Asia-Pacific at Citibank, Guo Junxiu, CEO and Co-Founder of Elven, Henry Zhang, CEO and Founder of DigiFT, and Dr. Steven Hu, Head of Digital Assets, Trade, and Working Capital at Standard Chartered Bank. The panel discussed the impact of digital assets on traditional finance, highlighting opportunities to enhance transparency, efficiency, accessibility, and financial inclusivity, as well as the challenges faced in real-world tokenization. They emphasized the necessity of collaboration and innovation to harness the transformative potential of digital finance while addressing its complexity.
The second panel discussion focused on “Navigating Security and Compliance in the Web3 Ecosystem” and was moderated by Dr. Lawrynowicz Rory, Deputy Director of SUSS NiFT. The panel members included Alvin Chia, Head of Digital Asset Innovation, Asia-Pacific at Northern Trust, Arthit Sriumporn, CEO of Rakkar Digital, Jag Foo, Director of Business Development at Safeheron, and Shawn Lim, Head of Asia-Pacific at Axelar Network. Their discussion provided valuable insights into the complex landscape of security and compliance in the Web3 ecosystem.
Next, a significant moment of the conference took place with a fireside chat between Mr. Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore (MAS), and Professor Lee Kwok Kwong, Professor at SUSS and Advisor to SUSS NiFT. They discussed “Driving Next-Generation Financial Services and Innovation Without Borders.” During the conversation, they emphasized the importance of infrastructure in shaping next-generation financial services and fostering cross-border innovation. While innovation requires recognition, it inevitably triggers and requires supervision. Therefore, regulatory bodies and innovators must collaborate closely to find a delicate balance between risk mitigation and growth opportunities. They emphasized the need for all relevant stakeholders to work together, including researchers and policymakers, to effectively communicate the value of emerging use cases to the public, thereby promoting a broader understanding and adoption of financial technology.
The conference concluded with the Academic Exchange Award and Best Abstract Award ceremony. Professor Sinclair Davidson from the Royal Melbourne Institute of Technology was honored with the title of Fellow of the British Blockchain Association (FBBA).
The Best Abstract Award, judged by four panelists, including Professor Naseem Naqvi, Chairman of BBA and Editor-in-Chief of JBBA, Dr. Xu Weibiao, Senior Lecturer at SUSS, Dr. Andrzej Gwizdalski, Co-Founder and Chairman of WAWEB3, and Associate Professor Patrick Pun from Nanyang Technological University in Singapore, was awarded to Dr. Bharath Ramesh from Western Sydney University in Australia. His research focused on privacy and security challenges in chatbots, aiming to build trust and promote wider adoption of chatbot technology. The second-place award went to Dr. Xia Chongwu from SUSS. His research explored the creation and management of decentralized physical infrastructure networks (DePIN) using blockchain technology and tokenomics. He also discussed the feasibility of DePIN through the lens of the LASIC principle, emphasizing its exponential growth potential by lowering investment barriers. The third-place award went to Dr. Beatah Sibanda from North-West University in South Africa. Her research examined the applicability of blockchain technology in the South African public sector, highlighting the limited readiness for its adoption. This further underscored the need for effective governance solutions to improve the public sector through blockchain technology.
The conference provided an important platform for experts, scholars, and practitioners in the global blockchain field to exchange ideas and share insights. It is believed that through such exchanges and collaborations, we will be able to collectively promote the development of blockchain technology and usher in a brighter future for the blockchain industry.
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