[Recap] Western Australia Web3 Conference
April 06, 2023
10:30-11:05 From TradFi to DeFi: Adapting to New Finance
– DeFi offers a transparent, open, deterministic, and autonomous financial infrastructure, but lacks high-quality assets.
– TradFi boasts an abundance of such assets, but struggles with black-boxes, inequality, high entry barrier, and high costs.
– Why not harness DeFi technology to facilitate real-world assets? RWA could be the next big breakthrough.
– ERC-3525 was specifically created to bring RWA to the blockchain.
Chia Hock Lai , Co-Founder of Global Fintech Institute
Decentralized finance (DeFi) offers unprecedented opportunities for financial inclusion and innovation, but it also brings significant risks and challenges. These include smart contract vulnerabilities, liquidity risks, regulatory uncertainty, and the potential for systemic risks. Careful evaluation and risk management are essential to mitigate these challenges and ensure the long-term viability of DeFi
Professor Dirk Baur， The University of Western University
Nobody can predict the future. Be careful with predictions such as “this is the future”, “there is no alternative”. DeFi is not the solution to all problems.
DeFi obviously has competitive advantages compairing to CeFi. It‘s more secure，cost effective. And it’s taking more and more market shares. But it‘s still not easy to use because it requires users to have basic tech knowledge. In next couple of years， we absolutely will see more and more adoptions when we see the UX becomes easier，and regulations are in place.
11:05-11:45 Panel 2: Green FinTech: Building Inclusive and Sustainable Economy
Leo Lin, CEO, Aitos
Trusted and verifiable green data enabled by IoT and blockchain technology can be used to monitor sustainability practices in the supply chain, facilitate peer-to-peer trading of renewable energy, increase financial inclusion, and incentivize sustainable practices in investment.
Lisa Wade,CEO – DigitalX
At DigitalX we operate at the intersection of technology and finance investing and building the Web3 rails of the future.
Being a listed Company with our purpose as finance for impact we believe ourselves and all corporates have a role to play reducing carbon in the environment – reducing carbon is everybodies job – we truly believe Web3 is the game changer in corporates reporting, understanding and transparently managing their emissions reduction targets – we have done this via our own innovation of calculating the historic carbon emissions of bitcoin on our balance sheet and tokenising the record of this liability – we see a day we can pay our carbon forward and when we digitally prove improved behaviour be financial rewarded by selling those credits and it we miss they are auto retired. I personally believe tokenisation is also the game changer for impact investing.
As a global company operating out of Perth we are super expired about the tie up with Singapore and see the need for a ubiquitous regulatory landscape that is bipartisan, global and supports innovation.
We believe that trust is the currency of the Web3 future and work each day to build trusted financial products and systems to generate value d’oro ir shareholders.
Prof David LEE
The most immediate tasks now are to have a carbon registry for Asia, Africa, South America and Australia, to have a price discovery mechanism for renewesable energy and carbon credit, and using Web3 to minimise greenwahing. Australia can be the supplier and Singapor can be the liqudity and digital infrasructure provided and Web3 projects can take advantage of the Green Economy Agreement.
12:45-13:30 Panel 1: Blockchain, IoT and AI in the Supply Chain
Leo Lin, CEO, Aitos
The use of blockchain, IoT, and AI technologies in the supply chain can bring significant benefits such as increased transparency, improved efficiency, and enhanced traceability. aitos.io is contributing an open-source blokchain applicaiton framework BoAT for IoT to enable massive machines to easily access blockchain services and bring IoT data on-chain for exploring the value of trusted data.
Rick Ross, Director of EY
Blockchain is the foundation for the next-gen digital supply chain. Macro demands on supply chains such as environmental GHG emissions reporting impacts a business and its partners. The technology is well positioned based on its ability to support an ecosystem of participants.
Associate Professor Paul Bergey, the University of Western Australia
Blockchain technology is revolutionizing the way supply chain partners interact. The business value created by combining blockchain technology with other emerging technologies like IoT and AI will be unprecedented. Similar to the way that the TCPIP protocol for the internet facilitated the rise of e-commerce, emerging blockchain protocols will facilitate the emergence of b-commerce (blockchain commerce)
Associate Professor, Vidyasagar Potdar, Curtin University
Technology fusion is the future, and the combination of Blockchain, IoT and AI is revolutionizing businesses and society today, and we at the Blockchain Research & Development Lab is at the forefront of building such cutting-edge products and services.
13:25-14:20 Panel 2: Addressing Challenges in the Medical Sector with Blockchain Technologies
Ernie Teo, Co-Founder of Dedoco
In the medical space, many believe there is a trade-off between data security and personal data ownership. Dedoco aims to change this with blockchain technology.
Eric Yu, CTO of Math Wallet
I believe that the application of blockchain in the medical industry is an important direction. Currently, it is still in the early stages and the main obstacles are how to put medical records on the chain during claims processing, prevent adverse selection, and the limited acceptance of crypto. However, we can already see interesting practices in this field that combine DAO and DeFi.
Prof Fiona Wood,co-founder of Fiona Wood Foundation
In health technology can and does help solve problems and facilitate care, but we need to drive forward from a solid base of understanding the integrity and security of information and communication
Dr Lincoln Luk, CEO of MediSpot Australia
Medispot is committed to bridging the gap in healthcare inequality within the country and rural regions of WA via a personally held digital health application. We hope to deliver it in a Web3 format utilising public, decentralised blockchains to heighten security and provide a digital community to our country populations.
15:00-16:00 Seeking Web3 Regulatory Clarity:International Comparison
Joshua Hunt, Principal of Nakamoto Legal
The regulatory landscape internationally lags far behind the technological innovation seen across the Web3 space. The use of digital asset ecosystems are a natural progression from current systems of commerce and value transfer and regulators are obligated to facilitate the growth of these systems that can enhance inclusion and reduce friction in existing frameworks. Trade and commerce has become, and will continue to become, inherently global and borderless, regulation needs to keep pace to ensure all stakeholders can benefit.
Han Hee, Web3 lawyer of Robertson Hayles Lawyers
A web3 or blockchain organisation such as a DAO is currently a cross-jurisdictional challenge for regulatory bodies. A global forum or taskforce should be set up to address the evolving legal and regulatory challenges arising from the blockchain networks and their market participants.
Panel 1: From TradFi to DeFi: Adapting to New Finance
Dr. Lo Swee-Won, Senior Lecturer at the Singapore University of Social Sciences (SUSS) and Lead of the SUSS Node for Inclusive FinTech, hosted a panel discussion on “From TradFi to DeFi: Adapting to New Finance” during the WAWEB3 conference on April 6, 2023. The esteemed panel included Professor Dirk Baur from The University of Western Australia, Chia Hock Lai, the co-founder of Global Fintech Institute, Dejun Qian, CEO & Founder of Chainge Finance, Yan Meng, Co-founder of Solv Protocol, and Deryck Graham, CEO & Founder of Portal Asset Management.
During the discussion, Professor Dirk Baur mentioned that regulation is an impediment, citing the example of being unable to tokenize their house and sell 25% equity. However, a slower pace of development can allow for better comprehension. He believes that the low adoption of DeFi may be attributed to a lack of financial literacy, which helps TradFi institutions. Without financial literacy, one cannot assess the risks appropriately and must stick to the establishment.
Chia Hock Lai highlighted the opportunities and challenges presented by DeFi. While it can improve financial inclusion and innovation, it also comes with significant risks, such as smart contract vulnerabilities, regulatory uncertainty, and liquidity risks. Careful risk management and evaluation are critical to ensure the long-term viability of DeFi.
Dejun Qian argued that DeFi offers significant advantages over CeFi, including greater security and cost-effectiveness. However, he acknowledged that it is not always user-friendly and requires some basic tech knowledge. He predicted that as UX becomes more straightforward and regulations are implemented, more people will adopt DeFi in the coming years.
Yan Meng praised DeFi for its transparent, open, deterministic, and autonomous financial infrastructure. However, he noted that it currently lacks high-quality assets abundant in TradFi. He suggested that DeFi technology could be used to facilitate transactions of real-world assets, and this could be the next big breakthrough. His team designed the ERC-3525 to bring real-world assets to the blockchain.
2023年4月6日，新加坡新跃社科大学 (SUSS) 高级讲师、SUSS 普惠金融科技节点负责人 Lo Swee-Won 博士在 WAWEB3 会议期间主持了“从 TradFi 到 DeFi：适应新金融”的小组讨论。西澳大学Dirk Baur教授，全球金融科技研究院联合创始人Chia Hock Lai，Chainge Finance CEO兼创始人Qian Dejun，Solv Protocol联合创始人 Meng Yan，以及 Portal Asset Management 的首席执行官兼创始人 Deryck Graham 参与讨论。
Chia Hock Lai强调了DeFi所提供的机遇和挑战。尽管它可以改善金融包容性和创新，但它也存在重大风险，如智能合约漏洞、监管不确定性和流动性风险。仔细的风险管理和评估对于确保DeFi的长期生存能力至关重要。
Qian Dejun认为，DeFi相比CeFi具有显著优势，包括更高的安全性和成本效益。然而，他承认它并不总是用户友好的，需要一些基本的技术知识。他预测随着用户体验变得更加简单和监管的实施，未来几年将有更多人采用DeFi。 德君谦认
Panel 2: Green FinTech: Building Inclusive and Sustainable Economy
During the WAWEB3 conference on April 6, 2023, Dr Sandy Chong of the United Nations Association of Australia, Western Australia Division, moderated a panel discussion titled “Green FinTech: Building Inclusive and Sustainable Economy.” The panel consisted of Prof David Lee Kuo Chuen from the Singapore University of Social Sciences, Leo Lin of Aitos, Anya Nova from Powerledger, and Prof Cheryl Kickett-Tucker from Curtin University.
Prof Lee emphasized that the most immediate tasks now are to have a carbon registry for Asia, Africa, South America and Australia, a price discovery mechanism for renewable energy and carbon credit, and use Web3 to minimize greenwashing. Australia can be the supplier, Singapore can be the liquidity and digital infrastructure provided, and Web3 projects can take advantage of the Green Economy Agreement.
Leo Lin shared that trusted and verifiable green data enabled by Internet-of-Things (IoT) and blockchain technology can be used to monitor sustainability practices in the supply chain. It can also facilitate peer-to-peer trading of renewable energy, improve financial inclusion, and incentivize sustainable practices in investment.
2023年4月6日，在WAWEB3会议上，澳大利亚联合国协会西澳分会的Sandy Chong博士主持了 “绿色金融科技：建设包容和可持续的经济”的小组讨论。新加坡新跃社科大学的李国权教授、Aitos的Leo Lin、Powerledger的Anya Nova和柯廷大学的Cheryl Kickett-Tucker教授参与讨论。
Panel 3: Blockchain, IoT and AI in the Supply Chain
During the WAWEB3 conference held on April 6, 2023, a panel discussion titled “Blockchain, IoT, and AI in the Supply Chain” was moderated by Dr Andrzej Gwizdalski of The University of Western Australia Business School. The panelists included Associate Professor Paul Bergey from the University of Western Australia, Associate Professor Vidyasagar Potdar from Curtin University, Leo Lin of Aitos, and Rick Ross from EY.
Associate Professor Paul Bergey expressed his opinion that blockchain technology is revolutionizing supply chain partners’ interaction. He believes combining blockchain technology with emerging technologies like Internet-of-Things (IoT) and Artificial Intelligence (AI) will create unprecedented business value. Similar to how the TCP/IP protocol facilitated the rise of e-commerce on the internet, emerging blockchain protocols will facilitate the emergence of b-commerce (blockchain commerce).
Associate Professor Vidyasagar Potdar considered technology fusion as the future, and the combination of Blockchain, IoT, and AI is revolutionizing businesses and society today. The Blockchain Research & Development Lab is at the forefront of building cutting-edge products and services that leverage this technology fusion.
Leo Lin spoke about the potential benefits of using blockchain, IoT, and AI technologies in the supply chain, such as increased transparency, improved efficiency, and enhanced traceability. He also mentioned that aitos.io contributes to an open-source blockchain application framework – BoAT for IoT – to enable machines to access blockchain services easily and bring IoT data on-chain to explore the value of trusted data.
Rick Ross emphasized that blockchain technology is the foundation for the next-gen digital supply chain. The technology is well-positioned to support an ecosystem of participants. He added that macro demands on supply chains, such as environmental GHG emissions reporting, can significantly impact businesses and their partners.
2023年4月6日举办的WAWEB3会议上，由西澳大学商学院的Andrzej Gwizdalski博士主持了 “供应链中的区块链、物联网和人工智能”的小组讨论。西澳大学的副教授Paul Bergey、柯廷大学的副教授Vidyasagar Potdar、Aitos的Leo Lin和EY的Rick Ross 参与讨论。
Panel 4: Addressing Challenges in the Medical Sector with Blockchain Technologies
During the WAWEB3 conference held on April 6, 2023, a panel discussion titled “Addressing Challenges in the Medical Sector with Blockchain Technologies” was moderated by Dr Andrzej Gwizdalski from The University of Western Australia Business Schoool. The panelists included Prof Fiona Wood, co-founder of the Fiona Wood Foundation, Dr Marcus Tan, CEO of HealthEngine, Dr Ernie Teo, co-founder of Dedoco, Eric Yu, CTO of Math Wallet, and Dr Lincoln Luk, CEO of MediSpot Australia.
Dr Ernie Teo emphasized that in the medical space, there is often a perceived trade-off between data security and personal data ownership. However, Dedoco aims to change this perception by leveraging blockchain technology.
Eric Yu believed that the application of blockchain in the medical industry is an important direction for future development. Currently, the industry is still in the early stages. The main obstacles are putting medical records on the chain during claims processing, preventing adverse selection, and the limited acceptance of cryptocurrencies. However, exciting practices are already emerging in this field that combines DAO and DeFi.
Prof Fiona Wood expressed her belief that health technology can help solve problems and facilitate care. Still, there needs to be a solid understanding of the integrity and security of information and communication to drive the industry forward.
Dr Lincoln Luk stated that Medispot is committed to bridging the healthcare inequality gap in Western Australia’s rural regions via a personally held digital health application. They hope to deliver it in a Web3 format utilizing public, decentralized blockchains to enhance security and provide a digital community to country populations.
在2023年4月6日举行的WAWEB3会议上，由西澳大利亚大学商学院的Andrzej Gwizdalski博士主持了一场名为“利用区块链技术解决医疗领域挑战”的专家讨论。与会专家包括Fiona Wood教授（Fiona Wood基金会联合创始人）、Marcus Tan博士（HealthEngine首席执行官）、Ernie Teo博士（Dedoco联合创始人）、Eric Yu（Math Wallet首席技术官）和Lincoln Luk博士（MediSpot澳大利亚首席执行官）。
A panel discussion titled “Seeking Web3 Regulatory Clarity: International Comparison” took place during the WAWEB3 conference on April 6, 2023. The panel was moderated by Dr Sandy Chong from the United Nations Association of Australia Western Australia division and featured a panel of experts including Joshua Hunt, Principal of Nakamoto Legal, Vasyl Myroshnychenko, Ambassador of Ukraine in Australia, Han Hee, Web3 Layer of Robertson Hayles Lawyers, and Prof David Lee Kuo Chuen from Singapore University of Social Sciences.
During the panel, Joshua Hunt emphasized that the regulatory landscape for digital assets and Web3 technologies lags behind the rapid pace of technological innovation. He argued that regulators are obligated to facilitate the growth of these systems to promote inclusion and reduce friction in existing frameworks.
Han Hee highlighted the cross-jurisdictional challenges regulatory bodies face when dealing with Web3 or blockchain organizations such as DAOs. To address these challenges, he proposed the establishment of a global forum or task force to tackle evolving legal and regulatory issues arising from blockchain networks and their participants.
在2023年4月6日的WAWEB3会议期间，举行了一场“寻求Web3监管清晰度：国际比较”的小组讨论会。小组讨论会由联合国澳大利亚西部分会的Sandy Chong博士主持，专家小组成员包括Nakamoto Legal的主管Joshua Hunt、乌克兰驻澳大利亚大使Vasyl Myroshnychenko、Robertson Hayles Lawyers的Web3律师Han Hee和新加坡新跃社科大学的David Lee Kuo Chuen教授。