On April 19, 2024, the 6th International Scientific Conference on Blockchain (ISC2024) co-hosted by the Blockchain Association of the United Kingdom (BBA) and Singapore University of Social Sciences (SUSS) with the co-organization of SUSS Node for FinTech (NiFT) 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 Network (DePIN). At this 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 (Strategy and Partnerships) of SUSS, attended the conference and delivered a welcome speech, emphasizing that blockchain technology and its broader Web3 ecosystem are like uncharted territories in a new world. He highlighted the importance of understanding the problems we are solving with financial technology innovations, as they bring potential risks and consequences.
During the morning session of the conference, researchers from around the world showcased ten abstract summaries of academic papers selected by the International Scientific Conference (ISC) Committee. The presentations included:
– “The Impact of Decentralized Finance (DeFi) on Financial Services and the Skills Required for Professionals” by Daniel Liebau from Erasmus University Rotterdam, the Netherlands.
– “The Essence of Decentralized Autonomous Organizations” by Professor Sinclair Davidson from Royal Melbourne Institute of Technology, Australia. This presentation explored the characteristics and functionalities of DAOs, along with their potential applications and challenges.
– “A Token Classification Framework Theory Based on Value Sources and Performance Mechanisms” by Dr. Vasily Sumanov from Powerpool Protocol, Cyprus. The research aimed to comprehensively understand token classification and its impact on the blockchain ecosystem.
– “Architectural Design of a Blockchain-Based Carbon Trading System: A Case Study of South Africa’s Carbon Market” by Timileyin Abiodun from the University of Johannesburg, South Africa. This 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, Australia (presented by Professor Sinclair Davidson).
– “Towards Privacy-Preserving Chatbots: An Extensible Federated Learning Framework” by Dr. Bharath Ramesh from the University of Western Sydney, 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, USA. This discussed empowering families in the genomic era by securely and transparently managing genomic data.
– “Assessing the Readiness of the South African Public Sector for Blockchain Technology” by Dr. Beatah Sibanda from North-West University, South Africa. The research aimed to identify the challenges and opportunities of implementing blockchain solutions in the public sector.
– “Models and Properties of Cryptoplans” by Professor Oleksandr Letycheskyi from Heriot-Watt University, UK.
– “Exploring the Next Frontier of Cryptocurrencies: The Revolution of Decentralized Physical Infrastructure” by Dr. Xia Chongwu, Senior Lecturer at SUSS. This discussed the potential of blockchain technology in changing physical infrastructure and its impact on the future of cryptocurrencies.
In the images, from left to right: Professor Sinclair Davidson, Dr. Bharath Ramesh, Dr. Vasily Sumanov, Daniel Liebau, Professor Naseem Naqvi, Dr. Beatah Sibanda, Dr. Xia Chongwu, Daniel Uribe, Professor Li Guoquan.
The morning session concluded with a presentation by Professor Naseem Naqvi, Chairman of BBA and Editor-in-Chief of the Journal of the British Blockchain Association (JBBA), who outlined the process of writing and publishing blockchain research papers in JBBA.
The afternoon session focused on industry exchanges. First, Associate Professor Justina Tan, Deputy Provost (Strategic Partnerships and Extension) of SUSS, gave a speech introducing SUSS’s partnership strategy, emphasizing the university’s focus on education, industry partnerships, and their impact on society. She mentioned that the SUSS team is investigating 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 Centre (CEBB), the Journal of the British Blockchain Association (JBBA), the Blockchain Association Forum (BAF), the All-Party Parliamentary Group on Blockchain (APPG), the British Blockchain Association Scholarships (FBBA), International Scientific Conferences (ISCs), the UK National Blockchain Roadmap (UKNBR), the BBA Student Forum, Metaverse HQ, and a range of other initiatives. She also highlighted 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 important to fully understand the problems we are solving, as they bring potential risks and consequences.
Next, Professor Philip Chmielewski from Loyola Marymount University in Los Angeles and visiting scholar at SUSS NiFT discussed the ethical considerations in financial technology.
Jag Foo, Director of Business Development at Safeheron, delivered a keynote speech on “Self-Custody Solutions for Digital Assets in Multi-party Computation Technology.”
Leo Lin, the founder of Arkreen, presented a keynote speech on “Innovative Solutions for Regenerative Finance Digital Infrastructure in DePIN.”
Following the keynote speeches, two panel discussions were held. The first panel discussed the future of digital assets and tokenization in the session titled “Digital Finance: Pioneering the Future of Digital Assets and Tokenization.” The panel was moderated by Dr. Andrzej Gwizdalski, Co-founder and Chairman of WAWEB3. Together with Choo Haiping, Regional Head of Digital Assets Asia Pacific at Citigroup, 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, they discussed the impact of digital assets on traditional finance and highlighted the opportunities for enhanced transparency, efficiency, accessibility, and financial inclusion, as well as the challenges in tokenizing real-world assets. They emphasized the necessity of collaboration and innovation to leverage the transformative potential of digital finance while addressing its complexity.
The second panel discussion focused on “Navigating Security and Compliance in the Web3 Ecosystem.” Dr. Lui Ruiyun, Deputy Director of SUSS NiFT, moderated the panel. 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, one of the highlights of the conference took place: a fireside chat between Mr. Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore (MAS), and Professor Li Guoquan, Professor and SUSS NiFT Consultant, on “Driving Next-Generation Financial Services and Innovation Without Borders.” They emphasized the importance of infrastructure in shaping next-generation financial services and promoting cross-border innovation. While innovation requires recognition, it inevitably raises and requires supervision. Therefore, regulatory agencies and innovators must collaborate closely to find a delicate balance between risk mitigation and growth opportunities. In addition to researchers and policymakers, all relevant stakeholders should work together to effectively communicate the value of emerging use cases to the public, thus promoting a broader understanding and adoption of financial technology.
The conference concluded with the awards ceremony for Academic Exchange Awards and Best Abstract Awards. Professor Sinclair Davidson from Royal Melbourne Institute of Technology was awarded the title of Fellow of the British Blockchain Association (FBBA).
The Best Abstract Awards were 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, Singapore.
The winner of the Best Abstract Award was Dr. Bharath Ramesh from the University of Western Sydney, Australia. His research focused on privacy and security challenges in chatbots, aiming to foster trust and promote wider acceptance of chatbot technology. The second place in the Best Abstract 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 token economics. He also discussed the feasibility of DePIN through the lens of the LASIC principle, emphasizing DePIN’s potential for exponential growth with a flywheel framework and lowered investment thresholds. The third place in the Best Abstract Award was awarded to Dr. Beatah Sibanda from North-West University, South Africa. Her research examined the applicability of blockchain technology in the South African public sector, highlighting the need for effective governance solutions to improve public sector implementation of blockchain technology.
The conference provided an important platform for experts, scholars, and practitioners in the global blockchain field to exchange ideas and share knowledge. Through such exchanges and collaborations, we believe that we can collectively promote the development of blockchain technology and open up a brighter future in the blockchain field.
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