April 19, 2024, Singapore - The 6th International Blockchain Scientific Conference ISC2024, co-organized by the British Blockchain Association (BBA) and the Singapore University of Social Sciences (SUSS), and co-organized by the SUSS Inclusive Financial Technology Node (NiFT) It ended well at Carlton Hotel Singapore.
This is the first time the conference has been held outside the UK. With the theme of "Innovation Without Borders", ISC2024 attracted well-known researchers and industries from all over the world who are committed to Web3 technology, distributed ledger technology (DLT) and decentralized physical infrastructure network (DePIN). expert. At this meeting, everyone communicated with each other, shared cutting-edge projects and case studies, and provided valuable insights into the latest developments in these fields.
Professor Robbie Goh, Executive Vice-President of SUSS, attended and delivered a welcome speech, pointing out that blockchain technology and its broader Web3 ecosystem are akin to venturing into uncharted territory in a new world. He emphasized:
Realizing the true potential of blockchain requires not only excellence in technology, but also in-depth development in humanities, society and culture. SUSS is committed to promoting social welfare and is willing to cooperate with industry partners and governments to expand the frontiers of technologies such as blockchain and ensure that they are implemented in a way that is more beneficial to society.
In the morning session of the conference, researchers from all over the world presented abstract summaries of a total of ten academic papers selected by the International Scientific Conference (ISC) Committee. as follows:
"The impact of decentralized finance (DeFi) on financial services in 2034 and the capabilities required by professionals" - Daniel Liebau, Erasmus University, the Netherlands.
"The Essence of Decentralized Autonomous Organizations" - Professor Sinclair Davidson, RMIT University, Australia. The characteristics and functionality of DAOs are explored, and their potential applications and challenges are discussed.
"Token Classification Architecture Theory Based on Value Source and Expression Mechanism" - Cyprus Powerpool Protocol, Dr. Vasily Sumanov. The research aims 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 the South African carbon market" - Timileyin Abiodun, University of Johannesburg, South Africa. Highlighting the potential of blockchain technology to revolutionize carbon trading.
"Shared Security of Simple Institutional Cryptoeconomics" —Dr. Darcy Allen, RMIT University, Australia (represented by Professor Sinclair Davidson).
"Towards Confidential Chatbots: A Scalable Decentralized Federated Learning Framework" - Dr. Bharath Ramesh, University of Western Sydney, Australia. The research aims to solve privacy issues related to chatbot interactions by leveraging blockchain technology.
"Empowering families in the genomic era: a decentralized data trust approach for ethical genome management" - Daniel Uribe, Genobank.io, USA. Discussed 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" - Dr. Beatah Sibanda, North-West University, South Africa. The research aims to identify the challenges and opportunities for implementing blockchain solutions in the public sector.
"Models and Properties of Encryption Projects" - Professor Oleksandr Letycheskyi, Heriot-Watt University, UK.
"Exploring the next frontier of cryptocurrency: the revolution of decentralized physical infrastructure" - Dr. Xia Chongwu, Senior Lecturer at SUSS. The potential of blockchain technology to transform physical infrastructure and its impact on the future of cryptocurrency are discussed.
From left: Professor Sinclair Davidson, Dr. Bharath Ramesh, Dr. Vasily Sumanov, Daniel Liebau, Professor Naseem Naqv, Dr. Beatah Sibanda, Dr. Xia Chongwu, Daniel Uribe, Professor Li Guoquan
At the end of the morning session, Professor Naseem Naqvi, President of the BBA and Editor-in-Chief of the Journal of the British Blockchain Association (JBBA), outlined the process for writing and publishing blockchain research papers on the JBBA.
In the afternoon, we entered the industry exchange session. First, Associate Professor Justina Tan, Vice President (Strategic Cooperation and Development) of SUSS, delivered a speech. She introduced SUSS’s partnership strategy, noting that SUSS not only focuses on education but also on industrial partnerships and their impact on society. and mentioned that the SUSS team is examining the trends driving the entire regional and global business landscape.
Subsequently, Deborah Cleary, Head of Partnerships at BBA, gave an overview of BBA’s global ecosystem, including: Center for Evidence-Based Blockchain (CEBB), Journal of the British Blockchain Association (JBBA), Blockchain Association Forum (BAF) , All-Party Blockchain Group (APPG), British Blockchain Association Scholarships (FBBA), International Conferences (ISCs), UK National Blockchain Roadmap (UKNBR), BBA Student Forum, Metaverse HQ and a range of other initiatives and describes 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 of the Hebrew University of Jerusalem outlined the definition and functions of the financial system. With the rise of fintech, it is important to fully understand the problem we are solving as it comes with potential risks and consequences.
Next, Professor Philip Chmielewski from Loyola Marymount University in Los Angeles and a visiting scholar at the SUSS Inclusive Financial Technology Node (NiFT) discussed ethical considerations in financial technology.
Subsequently, Jag Foo, Director of Business Development of Safeheron, delivered a keynote speech on "Digital Asset Self-custody Solution under Multi-party Computing Technology".
Arkreen founder Leo Lin delivered a keynote speech on "DePIN Innovative Solutions for Regenerative Financial Digital Infrastructure".
After the keynote speech, the conference held two panel discussions. The first panel discussion centered on the theme "Digital Finance: Leading the Future of Digital Assets and Tokenization." Hosted by Dr Andrzej Gwizdalski, Co-Founder and Chairman of the Western Australian WEB3 Association (WAWEB3). He discussed digital assets with Choo Haiping, Asia Pacific head of digital assets at Citi, Guo Junxiu, CEO and co-founder of Elven, Henry Zhang, CEO and founder of DigiFT, and Dr. Steven Hu, head of digital assets, trading and working capital at Standard Chartered Bank. The impact of assets on traditional finance and highlights opportunities to enhance transparency, efficiency, accessibility and financial inclusion, as well as challenges in real-world tokenization. The need to leverage collaboration and innovation to realize the transformational potential of digital finance, while grappling with its complexities, was highlighted.
The second set of discussions was titled "Navigating Security and Compliance in the Web3 Ecosystem." Hosted by Dr. Luo Ruiyun, Deputy Director of SUSS NiFT. Panelists include Alvin Chia, head of digital asset innovation for Asia Pacific at Northern Trust, Arthit Sriumporn, chief executive of Rakkar Digital, Jag Foo, director of business development at Safeheron and Shawn Lim, head of Asia Pacific for Axelar Network. Their discussion provides valuable insights into the complex landscape of security and compliance in the Web3 ecosystem.
Next, we entered one of the important moments of the meeting: Mr. Sopnendu Mohanty, Chief Financial Technology Officer of the Monetary Authority of Singapore, and Professor Li Guoquan, Professor of SUSS and consultant of SUSS NiFT, discussed "Promoting the next generation of financial services and innovation without borders" Fireside Chats. During the conversation, they highlighted the importance of infrastructure in shaping the next generation of financial services and facilitating cross-border innovation. While innovation requires recognition, it also inevitably triggers and requires oversight. Therefore, regulators and innovators must work closely to find the delicate balance between risk mitigation and growth opportunities. In addition to other stakeholders such as researchers and policymakers, all relevant actors should work together to effectively communicate the value of emerging use cases to the public, thereby promoting wider understanding and adoption of fintech.
Professor Li Guoquan of SUSS (left) and Mr. Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore (right) held a fireside chat
The conference concluded with the Academic Exchange Award and Best Abstract Award Ceremony. Professor Sinclair Davidson of RMIT University in Australia was awarded the title of British Blockchain Association Scholar (FBBA).
The Best Abstract Award was judged by four judges, namely Prof. 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, Nanyang Technological University, Singapore.
The Best Abstract Award went to Dr. Bharath Ramesh of Western Sydney University, Australia. His research addresses privacy and security challenges in chatbots, with the hope that this approach will foster trust and promote wider acceptance of chatbot technology. Second place for the Best Abstract Award went to Dr. Xia Chongwu from SUSS. His research is on DePIN, which leverages blockchain technology and token economics to create and manage decentralized physical infrastructure networks. He also discussed the feasibility of using LASIC principles to explore DePIN, emphasizing that through the flywheel framework, DePIN lowers the investment threshold and has exponential growth potential. The third place winner for the Best Abstract Award was Dr. Beatah Sibanda from North-West University, South Africa. She examines the applicability of blockchain technology in the South African public sector, given its current limited readiness for adoption. This issue further highlights the need for effective governance solutions for blockchain technology to improve the public sector.
This conference provides an important exchange and sharing platform for experts, scholars and practitioners in the global blockchain field. We firmly believe that through such exchanges and cooperation, we will be able to jointly promote the development of blockchain technology and jointly open up a more brilliant future in the blockchain field.
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