The world of blockchain technology is rapidly expanding, promising revolutionary changes across borders and industries. In a recent talk show episode titled “Blockchain Beyond Borders: Building Global Bridges for Innovation and Adoption,” industry experts gathered at the ABC Conclave in Dubai to discuss the transformative potential of blockchain technology. Panelists included Anndy Lian, an Intergovernmental Blockchain Expert from Singapore; Kris Bennett, Co-Founder and Chief Learning Officer of the Blockchain Training Alliance in the USA; Raj Kapoor, Founder & CEO of the India Blockchain Alliance; and Shailesh Kunnath, Co-Founder of Masary Capital in the UAE. Moderated by Jenny Zheng; Co-founder, Blockcast.cc.
Identifying Real Solutions Amidst the Fluff
The panelists engaged in a dynamic conversation, sharing their perspectives on the blockchain landscape’s key considerations for success. Raj Kapoor kicked off the discussion by emphasizing the importance of addressing real-world problems through blockchain solutions. He highlighted that the market often gets flooded with proposals that lack substance, urging entrepreneurs to go beyond the hype. Kapoor stressed that genuine innovation must tackle real challenges or enhance existing solutions to be impactful.
Critical Criteria for Sustainable Blockchain Projects
Jenny Zheng then outlined several critical criteria he uses to evaluate blockchain projects. First and foremost, she emphasized the significance of solving real-world problems. She stated that projects should demonstrate how they enhance existing solutions or address pressing issues. Jenny also scrutinizes the longevity of project promoters, looking beyond financial factors to their determination and commitment. She noted the value of having validation, even in the form of a small customer base or a proof of concept. Additionally, she assessed the hunger and dedication of project promoters, along with family and friends’ initial support, as indicators of credibility. Jenny’s insights highlighted the multifaceted nature of project evaluation.
Perspectives on Blockchain Adoption
Kris Bennett chimed in, offering his perspective on blockchain adoption. He highlighted the common tendency to prioritize technology in emerging industries, cautioning against neglecting practicality and value delivery. Bennett stressed that being the first to market doesn’t guarantee success. Drawing a historical parallel to Amazon’s rise in the e-commerce sector, he noted that timing and impact matter more than being the earliest player. Bennett also emphasized the importance of conveying value without relying solely on technology jargon, urging entrepreneurs to articulate the benefits of their solutions independently of blockchain or crypto references. Lastly, he underscored the significance of building a strong, well-rounded team with diverse expertise to drive success.
Community, Education, and Future Growth
Anndy Lian added his insights, focusing on the role of education and community in blockchain growth. Lian highlighted the necessity of educating not only individuals but also entire ecosystems, including venture capitalists and regulators. He commended Dubai’s proactive approach to fostering blockchain education and innovation. Lian also discussed the importance of community engagement, explaining that a vibrant and supportive community is crucial for sustained blockchain adoption. He encouraged a collaborative approach where different stakeholders contribute to the technology’s advancement.
Regulatory Strategies for Blockchain Innovation
Transitioning to regulatory concerns, Lian, drawing from his experience with governments and regulatory bodies, emphasized the evolving nature of blockchain regulation. He acknowledged that many countries are grappling with regulatory frameworks for this emerging technology. Lian stressed the importance of cross-border transactions and the need for cooperation to ensure stability in the financial sector. He highlighted the significance of developing clear regulatory guidelines to support the growth of blockchain while safeguarding financial systems.
In the era of blockchain, collaboration, education, and a problem-solving mindset stand as critical pillars for success. The panelists’ insights underscored the dynamic and multifaceted nature of the blockchain landscape, revealing the need for innovative solutions, well-structured teams, community engagement, and regulatory clarity to drive the technology’s transformative potential globally. As the world continues to navigate the opportunities and challenges presented by blockchain, one thing remains clear: the path to success is paved with innovation and collaboration.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.