offers Archives • Anndy Lian | Inter-Governmental Blockchain Adviser | Book Author | Investor | Board Member

Reflecting on my recent speech at the Web3BB Tokyo event, I am struck by the potent mix of artificial intelligence and Web3, and what they hold for the financial industry.

Having had the privilege of leading AI-driven innovations in finance, I am convinced that the convergence of these two technologies is the key to unlocking a more secure, efficient, and personalized financial landscape. Allow me to share my vision.

Key Takeaways

AI and Web3 offer the financial industry security, efficiency, and personalization.
Combine them with the decentralized nature of Web3 to add transparency and a user focus.
AI-driven insights and Web3’s data management enable sophisticated financial predictions and risk assessments.
This is a future worth fighting for, and I am excited to be a part of it.

The Relationship Between AI and Web3

The relationship between AI and Web3 is nothing short of symbiotic. Web3’s decentralized architecture offers a framework in which AI can function with enhanced transparency, security, and user focus.

And then with AI, we can unearth new insights and efficiencies within the financial sector while upholding the highest standards of data integrity and security.

Apply the fusion of AI and Web3 to finance, and you get new ways to trade, invest, and handle your financial planning. AI can also find sophisticated models for predicting market trends, identifying risks, and optimizing investment strategies — the change is unparalleled.

For this to work well, a critical juncture in AI and Web3 is in data management. AI algorithms thrive on data, and Web3’s decentralized nature ensures that the data is secure, transparent, and siloed as appropriate for the user.

The goal is then for AI to analyze vast amounts of decentralized data and offer valuable insights while maintaining privacy and security.

Ushering in a New Era of Financial Innovation

As I gaze into the future, I am exhilarated by the potential impact of AI and Web3 on the financial industry. As the Chairman of Neurai, a pioneering AI startup in Singapore, we are committed to pushing the boundaries of AI-powered finance. Our flagship product, COPX.AI, is already reaping the benefits.

“The future of finance transcends mere trading; it’s about crafting a more secure, efficient, and personalized experience for users,” I emphasized during my speech at Web3BB Tokyo.

But what does this mean for the future of finance? In my view, it signifies a shift towards more decentralized and democratized financial systems. With AI and Web3, we can create more accessible, transparent, and secure platforms. For instance, AI-powered trading platforms can analyze vast amounts of market data to identify trends and patterns that human traders might overlook. This leads to more informed investment decisions and better returns for investors.

Similarly, AI-driven risk management systems can detect potential risks and alert investors before they escalate into major issues, thereby safeguarding investors’ assets and preventing financial losses.

Charting the Path Forward

As the financial industry continues to evolve, we need prioritize innovation and experimentation. The integration of AI and Web3 has the potential to unlock new possibilities and drive growth across the sector, but it necessitates a commitment to ongoing research and development.

At the Web3BB Tokyo event, I had the opportunity to meet over 20 founders of Web3 and AI companies. Their dedication to harnessing the power of AI and Web3 to create a better future for finance is palpable. Many believe that these technologies can democratize access to financial services, promote greater transparency and accountability, and unlock new avenues for growth and innovation.

Navigating the Challenges Ahead

Of course, the road ahead is not without challenges. One of the most significant hurdles is regulatory uncertainty. As AI and Web3 continue to evolve, it remains unclear how regulators will respond. Will they introduce new rules and regulations, or will they adopt a more laissez-faire approach?

Another challenge is the need for education and awareness. Many individuals in the financial industry are still unfamiliar with AI and Web3, necessitating education and training to help them understand the potential benefits and risks of these technologies.

Lastly, there is the challenge of scalability. As AI and Web3 continue to grow and evolve, it remains to be seen whether they can scale to meet the demands of the financial industry.

Where We Go Next

As I look to the future, I am excited to witness the impact of these technologies on the sector. Being deeply involved in AI-powered innovation, I am confident that we can create a more secure, efficient, and personalized financial experience for all.

But this journey is not just about us. It’s about the entire financial industry coming together and creating a world that is more decentralized, democratized, and accessible to all.

I am convinced that the financial industry will become increasingly decentralized.

Decentralized finance is already becoming a reality, with platforms like MakerDAO and Compound enabling users to lend and borrow cryptocurrencies in a decentralized manner.

But DeFi is just the beginning. With AI and Web3, we can create decentralized platforms for trading, investing, and financial planning. These platforms will be more secure, efficient, and personalized.

I am also convinced that the financial industry will become increasingly democratized — with platforms that are accessible to all, regardless of income or social status.

We can develop platforms that allow anyone to invest in cryptocurrencies, regardless of their financial background, and that provide access to financial services to anyone, regardless of their location or income.

The Bottom Line

Finally, I believe that the financial industry will become increasingly secure — resistant to hacking and cyber-attacks.

We can develop platforms that utilize AI-powered security systems to detect and prevent cyber-attacks. We can create platforms that leverage Web3’s decentralized architecture to protect user data and prevent hacking.

This is a future worth fighting for, and I am excited to be a part of it.

Source: https://www.techopedia.com/anndy-lian-crypto-web3-ai-offers-us-all-a-chance-to-be-involved

Anndy Lian

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”.

www.anndy.com

Supply chains besieged by counterfeit goods may soon find an answer in blockchain.

Finding out your swish designer bag is a fake might lead to outrage. But manufacturing scams can have far more drastic consequences — both for brands and consumers

Economically, around 2.5 per cent of global imports — about US$0.5 trillion (S$0.7 trillion) a year — are counterfeit, reports the Organisation for Economic Co-operation and Development.

The human cost is higher. In 2008, an estimated 300,000 babies in China fell ill after consuming milk powder tainted with melamine. It led to the deaths of six of them from kidney disease.

A GLOBAL PROBLEM

As global markets open up, supply chains have become more complex.

Before reaching consumers, all types of food and products now go through more suppliers, manufacturing plants, ports-of-call, storage facilities and retailers, adding logistical complexity to their production.

Despite technological advances and digitalisation worldwide, pockets of analogue interfaces still exist. Where they occur along a supply chain, companies can lose track of inventory, making them vulnerable to fraud.

In the era of Industry 4.0, how can new technologies help snuff out risky inefficiencies?

BLOCKCHAIN TO THE RESCUE

One Singapore-based company aims to build an ecosystem for anti-counterfeiting that is sustainable, trusted and traceable.

Linfinity, positioned as the world’s first distributed supply chain platform that harnesses blockchain, IoT (Internet of Things) and Big Data technologies, seeks not only to improve efficiencies from end to end, but enable reliable collection of data.

Mr Anndy Lian, chief executive officer of Linfinity Singapore, notes that rising demand for transparency in the entire production process, from procurement to logistics, has made the application of blockchain critical.

With more accurate data, businesses can make better decisions to reduce waste.

IMPROVE EFFICIENCY AND STAMP OUT FRAUD.

WAGER ON A DECENTRALISED LEDGER

At the core of Linfinity’s solution offering is the blockchain, a decentralised, distributed ledger that lives in the cloud and records contracts, transactions and events in an encrypted form.

While the most oft-cited use of blockchain technology currently is Bitcoin, blockchain has the potential for much wider application across industries.

Blockchain has been touted as a “transformational” or “foundational” technology — a game changer akin to how the Internet revolutionised information, the economy and society in the late 1990s.

Specifically, the use of blockchain technology in the supply chain industry offers these advantages:

· Enhanced transparency: A product’s journey can be documented from origin to destination, increasing trust among players in the ecosystem.

· Scalability: Any number of users can participate in the supply chain and transfer information to one another.

· Better security: A ledger, such as the blockchain, would self-regulate the system, improving on previous internal audit inefficiencies.

· Engaged stakeholders: Using an incentive model (e.g. tokens, cryptocurrency and a system of smart contracts that automates payments), it allows automation of payments and quick transactions, actively benefiting all parties involved.

· Increased innovation: Once a blockchain system is in place, smart contracts can be used to increase efficiency, integrating with the rest of the system.

PROTOTYPING THE FUTURE

As companies push ahead in a fast-changing environment, an agile, test-and-learn approach is key. Early this year, Linfinity commenced its Linfinity blockchain project, published a White Paper and started testing its service platform.

The firm also established Linfinity Talks, a global roadshow platform that demonstrates blockchain projects, and sought out strategic collaborations with various companies.

It has signed Memorandums of Understanding with companies in Singapore, the United Kingdom and Taiwan, with more lined up. These partnerships span different industries from finance and legal to logistics and fast-moving consumer goods. They will see Linfinity’s implementation of blockchain technology improving efficiency and transparency of supply chains.

This month, the company launched its own digital currency, Linfinity tokens (LFT) on Chinese-based exchange CoinEx.

Says Mr Lian: “We are serious about asserting ourselves as a player within the blockchain industry. With our launch on the market, we hope to be able to foster and encourage inter-platform trading with Linfinity tokens.”

TOWARDS INFINITE POSSIBILITIES

As hype about blockchain grows, so have the number of questions about its usage, limitations and potential applications. Even so, it is likely that the technology will take years — even decades — to mature, and its deepest implications may not be immediate.

The adoption of new technologies takes time, and needs the buy-in of policy makers, industries, corporations and end users.

Mr Lian notes that while blockchain remains a relatively new approach to supply chain management, companies need to anticipate government challenges and regulations ahead.

Nonetheless, blockchain’s decentralised nature makes it difficult for governments to intervene. They cannot totally ban access to blockchain, as they did with Facebook in China.

Mr Lian adds that even as Singapore’s government fine-tunes its registration processes and taxation, companies can rest assured that Singapore would embrace technological advancement, rather than preven t it.

After all, a future with greater transparency, efficiency and authenticity is a future worth building.

https://www.straitstimes.com/business/local-company-linfinity-offers-supply-chains-a-solution-to-combat-fraud