On 7 June 2019, we held our very first Tezos seminar in Singapore together with Tocqueville Group where we brought together various prominent figures around the world to contribute their insights on the blockchain landscape in the region and the potentials of blockchain technology. The tickets for the seminar were sold out and we had attendees from various industries including Finance & banking, Computer & ICT, Automotive, Supply Chain and many others.
This milestone is especially special as TSA celebrates its first anniversary during the seminar, coupled with the official MoU ceremony with Chulalongkorn University and the official announcement of the training course which commenced earlier this week on 12 June to 19 June.
- Singapore passed the Payment Services Act (PSA) to address the regulatory issues stemmed from the growing popularity of cryptocurrency
- Blockchain companies should take note of compliance and the license required of them due to PSA.
- Decentralized finance (Defi) is a strong narrative for the use cases of blockchain technology due to the strength of blockchain for secure, low friction transfer of value.
- Asset tokenization is another potential for blockchain technology – the more applications available to tokenize these assets, the more interesting it is for the assets to be on the blockchain.
- Tezos enables formal verification of smart contracts and this proves to be an important use case for financial products such as insurance, as well as for the automotive industry.
- Currently, public blockchains are not ready to be adopted by a use case which requires massive daily usage (i.e. not ready for mass adoption) as the core development side has not caught up with the application side.
- The system which will be adopted in the future is the system with the highest velocity in upgrading its protocol (identifying what properties we need in our systems based on existing research and what is the most effective way to get there).
- The current observation in the region is that there will be a conflict between traditional companies that are going to adopt blockchain and new companies that are going to challenge these enterprises with blockchains.
- Trust is an obstacle – the industries need success cases and governments to set regulations to decide whether they can trust blockchains with their data.
- Businesses are also hesitant to share their data due to the lack of trust and they need to have a compelling benefits in order to collaborate and share their data.
- For people who are looking into baking, it is recommended to start on the testnet and start with a small amount of xtz.
We would like to thank our attendees who joined us for this event and especially to all our speakers and guests who made this event a success – we wouldn’t have been able to do it without all of you!
If you have missed out on this informative conference, don’t forget to watch it here: https://www.youtube.com/watch?v=v8CFeRbv52o
For the presenters’ slides, please visit: http://bit.ly/TezosAsia19-slides
For photos of the event: https://www.tezos.org.sg/portfolio/tezosasia2019/