DUBAI,11 APRIL 2019 – The inaugural BlockBasic Asia Forum kicked off last Tuesday at the Future Blockchain Summit 2019 in Dubai. The forum was part of a two-day summit, which saw a crowd of about 10,000 people, and featured various industry leaders from Asia as they introduced the Asian blockchain market to those attending the forum. Her Excellency (H.E.), Director General of Smart Dubai, Dr Aisha Bint Butti Bin Bishr, highlighted the importance of the summit in her welcome address, stating, “Dubai has always been a trendsetter when it comes to embracing advanced technologies – and blockchain is no exception.”
Jhun Ha-Jin, Chairman of Korea Blockchain Association, Matthew Dibb, Founder and CIO of Astronaut Capital and Siwon Hahm, Founder and CEO of AlphaCon were among the illustrious names featured at the forum – which covered various topics sectors including healthcare, fintech and emerging technologies.
Understanding and Unlocking the Asian Blockchain Market
With many in the crowd curious to understand the key to unlocking opportunities in the Asian blockchain market, Jhun Ha-Jin, Chairman of Korea Blockchain Association opened the forum by talking about the Asian Blockchain Vision. Mr.Jhun’s speech spoke about the importance of blockchain in Asia, where many countries are increasingly looking towards digital transformation and creating smart cities. “With Blockchain, it allows for a value-oriented society to be created. Evolving into a programmable economy based on micro jobs, transactions and a barter system to create the future smart city.” Mr.Jhun said.
A following panel featuring Tammy Tae-Hyon of Jenga K from Singapore as Moderator, Joseph Aditya of Tokoin from Indonesia, Doryan Ahn of inBlock from Korea and Richard Park of Toacoin from Philippines expanded further by discussing and fielding questions on the key to unlocking a successful blockchain project in Asia. Among the key topics covered, Joseph mentioned that countries will look to increasingly regulate the blockchain community. He noted that those looking to launch their projects here must navigate the local regulations, while also taking note of the usefulness of the product in their intended market. Enterprise scalability and trust and reliability were among key factors raised, while the panel also emphasised the importance of user experience and government guidance.
Blockchain in Key Asian Industries
Among the key industries discussed was big data and healthcare. Siwon Hahm unveiled the Alphacon mobile application, a healthcare app utilising big data that is aiming to create an ecosystem for healthcare product and services. Due to be launched later this month, the app will allow users to purchase a collection of preventative medicine such as direct-to-consumer (DTC) genomic analysis services, hair analysis services, as well as nutritional supplement products through the use of its own cryptocurrency token – the Alphacon ALP. Aside from purchasing products and services, Ms.Siwon also shared how it important it was to build an ecosystem for your product. During the talk, Ms.Siwon showcased the Alphacon’s features, which included locations, and contact information of offline affiliates of the Alphacon Network, such as hospitals and health clubs that accept the use of Alphacon ALP as payment can be checked.
The forum also shed some light on on the emerging Security Token Offering (STO) landscape and recent investment trends in the cryptocurrency space. In the recent Initial Exchange Offering (IEO) hype, Matthew Dibb, founder and CIO of Astronaut Capital highlighted that only USD $31 million had been raised to date, comparing to the USD $442 million raised in STOs and USD $6.9 Billions of dollars in ICO. Expanding further, Matthew shared that the real winners in the cryptocurrency space were in fact the exchanges.
Singapore: The Gateway to Asia?
The forum ended off with Kor Kiang Sean, CEO of Singapore-based blockchain consulting firm, Trinide, shared his thoughts on why the well-regulated island nation of Singapore is a gem to those looking to launch their ICOs and STOs in Asia. “It is fairly easy to incorporate and set up a company in Singapore, and the country is extremely well-regulated with clear guidelines for project owners. Aside being ranked second for ease of doing business by the World Bank and rated as the third most favourable company for ICOs – Singapore strategically positioned for any project owners looking to enter the region.” Sean said. He also gave some tips to those in attendance on launching a token project in Singapore and went through a seven-step approach to launching ICOs and STOs in Singapore, as well as other Asian countries. He ended his speech by saying “ICOs and STOs are complicated markets. Project owners should be sufficiently educated of the processes and risks before fully committing to a digital token offering.”
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