Founders' Journey - Episode 37
🌏 From Asia With Insights: A Deep Dive Into Two Weeks of Trailblazing Tech & Temerity
Hello Innovators,
I come to you today not just with a newsletter but a dispatch straight from the future—quite literally! I've had the privilege of spending the last two weeks in Asia, immersing myself in local blockchain and AI ecosystems. So consider this not just an update, but a vivacious capsule of the transformative energy I've gathered.
An Insatiable Appetite for Change: Risk & Tech Revolution
My time in Asia has been nothing short of a revelation. The atmosphere here is electric with an unyielding willingness to embrace risk. When compared to the more restrained pulse of Australia's tech scene, the difference is palpable. It's not to say that our nation's cautious approach, buoyed by stringent regulations, doesn't have its merits—we weathered storms like the Global Financial Crisis far better than most. But it's like entering a trade with a hedged strategy: you can preserve your capital but cap your upside. To put it plainly, our risk-averse ethos isn't always conducive to outsized rewards or groundbreaking innovation.
The Future of Blockchain: Now is the Time
According to the Gartner Hype Cycle, blockchain technology is currently climbing out of the 'Trough of Disillusionment' and onto the 'Slope of Enlightenment.' This could be a transformative period, especially given that neighbouring Asian countries are making aggressive leaps in the same direction. Missing out now could mean playing perpetual catch-up—a less-than-enviable position for any progressive nation.
Hong Kong: Where Blockchain & Business Converge
In Hong Kong, the air is thick with promise and opportunity. From nascent associations designed to empower investors to corporate programs committed to driving blockchain forward, the city is a veritable launchpad for blockchain pioneers. Interestingly, the absence of chat-GPT technology seemed to underscore the richness of human-to-human conversations. In this fertile ground, we're delighted to extend our APAC reach with a new NotCentralised office, allowing us to bolster our partnerships and amplify our influence.
Singapore: A Carnival of Crypto & Connections
The recent 'Token 2049' event in Singapore was not just a conference; it was a microcosm of the global blockchain scene. It drew industry titans like Vitalik Buterin, thought leaders like Simon Sinek, and rising stars aplenty. Cafés buzzed with conversations about venture capital injections and tokenomics—a stark contrast to the relative quiet back in Australia. This leaves us with a poignant question: why is this zest for innovation not mirrored Down Under?
Philippines: A Dark Horse in the Digital Race
My journey took an unexpected but enlightening detour to the Philippines—a nation marked by both potential and struggle. Unlike Australia, this is a country that couldn't sidestep the repercussions of the Global Financial Crisis. And yet, it's innovating at a pace we've yet to see back home. Digital banking applications like GCash and Maya are practically reshaping what financial inclusion looks like. It's a compelling testament to the concept that both ends of the 'wealth spectrum' are often quicker to adopt disruptive tech than the complacent middle.
Conversations That Matter: Talking Tech in Manila
During Philippine Blockchain Week, I had the honour of taking the stage to discuss subjects close to our collective ambition:
The Role of AI in Live Events: Imagine a world where ChatGPT algorithms streamline event execution. We had one session go a staggering 25 minutes over time, showcasing the need for AI to automate and whittle down speaker presentations to the allocated timeframe. Efficiency, after all, is king.
Real-World Blockchain Applications: I elaborated on NotCentralised’s hands-on involvement with the Reserve Bank of Australia’s Central Bank Digital Currency (CBDC) pilot project. Our focus was on implementing digital escrows and Zero-Knowledge (ZK) proofs to add layers of security and confidentiality to transactions. These are not just theoretical constructs but immediate solutions to real-world problems.
Pragmatism in Tech Solutions: Whether in blockchain or AI, the products and services we develop need to solve real issues. It’s not about deploying technology for the sake of it; it's about meaningfully improving a situation or system. For instance, our very own TradeFlows is not just a blockchain project but a solution for more efficient, transparent invoicing and payment processes.
Accountability in Value Addition: We delved into the ethical responsibility we all share in ensuring that tech projects offer real value to communities. Whether it’s an app that simplifies financial transactions or a platform that democratises access to information, the end goal should always be societal betterment.
Realistic Tokenomic Models: I discussed how the most effective tokenomics resemble traditional business models, where services of actual utility to consumers are offered, and revenue is generated through service fees. This isn't about reinventing the wheel; it's about applying tried-and-true economic principles to new technological landscapes.
DeFi and Regulation: Traditional financial systems often require external enforcement mechanisms to ensure compliance with rules and laws—a cumbersome, reactive model that leaves room for error and malfeasance. In contrast, DeFi, underpinned by smart contracts, presents a proactive approach to compliance. Imagine a landscape where smart contracts are programmed with Know Your Customer (KYC) protocols or coded to prevent the sale of specific tokens to non-accredited investors. This isn't just about following the rules; it's about embedding them into the very fabric of the transaction, eliminating the scope for breaches in the first place. It’s less about policing and more about creating a framework where the rules are unbreakable by design.
Blockchain-AI Synergy: Finally, we spoke about the symbiotic relationship between blockchain and AI. For instance, Zero-Knowledge proofs in blockchain can enable AI algorithms to validate crucial data without compromising on privacy. Conversely, AI algorithms can make blockchain networks more efficient, dynamic, and adaptable.
Freedom and Efficiency through Tech: I wrapped up by saying that blockchain and AI aren’t just about cool gadgets or skyrocketing token values. They represent a revolution in choice and efficiency. These technologies can empower consumers with more control over their finances and usher in unprecedented efficiency in commercial processes.
As we put a pin in this exhilarating fortnight, let's remind ourselves that our mission isn’t just to embrace the future, but to actively build it. Until the next dispatch from the frontier of innovation.
Here's a few shots from Philippine Blockchain Week 2023 as well.
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About me
I’m Mark, an experienced data, finance and technology advocate with an interest in emerging technology especially web3, data and AI. I’m the Director/co-founder of NotCentralised, a venture studio focused on Advisory (strategic, capital raising, etc), Product Development and Research and Activations (community building, ecosystem development, etc).
I am co-founder and President of the Aus DeFi Association (web3 advocacy group and community across Australia) as well as being the co-President of DSAI (the Data Science and AI Association of Australia). I also contribute to both newsletters so keep an eye out for Chain Reaction on Substack and AI Chronicles on Medium.