April 19, 2024, Singapore

The sixth International Scientific Conference on Blockchain (ISC2024), co-hosted by the British Blockchain Association (BBA) and Singapore University of Social Sciences (SUSS), with the SUSS Inclusive FinTech Node (NiFT) as a co-organizer, was successfully concluded at the Carlton Hotel in Singapore.

This is the first time the conference has been held outside the UK. With the theme "Innovation Without Borders," ISC2024 attracted renowned researchers and industry experts from around the world dedicated to fields such as Web3 technology, Distributed Ledger Technology (DLT), and Decentralized Physical Infrastructure Networks (DePIN). During the conference, participants exchanged ideas, shared cutting-edge projects and case studies, and provided valuable insights into the latest developments in these fields.

Professor Robbie Goh, Executive Vice President of SUSS, attended and delivered a welcome speech, pointing out that blockchain technology and its broader Web3 ecosystem are akin to uncharted territories in a new world. He emphasized: "To realize the true potential of blockchain, we need to excel not only in technology but also to delve deeply into the humanities, social, and cultural aspects. SUSS is committed to advancing social good and is willing to collaborate with industry partners and the government to push the frontiers of technologies like blockchain and ensure they are implemented in ways that benefit society."

In the morning session, researchers from around the world presented a total of ten academic paper abstracts selected by the International Scientific Conference (ISC) committee. They are as follows:

• "The Impact of Decentralized Finance (DeFi) on Financial Services in 2034 and the Skills Required by Professionals" --- Daniel Liebau, Erasmus University, Netherlands.
• "The Nature of Decentralized Autonomous Organizations" --- Professor Sinclair Davidson, Royal Melbourne Institute of Technology, Australia. Discussed the characteristics and functions of DAOs and their potential applications and challenges.
• "A Token Classification Framework Theory Based on Value Sources and Performance Mechanisms" --- Dr. Vasily Sumanov, Powerpool Protocol, Cyprus. The study aims to comprehensively understand token classification and its impact on the blockchain ecosystem.
• "Architectural Design of a Blockchain-Based Carbon Trading System: A Case Study of the South African Carbon Market" --- Timileyin Abiodun, University of Johannesburg, South Africa. Highlighted the potential of blockchain technology in revolutionizing carbon trading.
• "Shared Security of Simple Institutional Cryptoeconomics" --- Dr. Darcy Allen, Royal Melbourne Institute of Technology, Australia (represented by Professor Sinclair Davidson).
• "Towards Confidential Chatbots: A Scalable Distributed Federated Learning Framework" --- Dr. Bharath Ramesh, Western Sydney University, Australia. The study aims to address privacy issues related to chatbot interactions by leveraging blockchain technology.
• "Empowering Families in the Genomic Era: A Decentralized Data Trust Approach for Ethical Genomic Management" --- Daniel Uribe, Genobank.io, USA. Discussed empowering families in the genomic era through secure and transparent management of genomic data.
• "Assessing the Readiness of the South African Public Sector for Blockchain Technology" --- Dr. Beatah Sibanda, North-West University, South Africa. The study aims to identify the challenges and opportunities in implementing blockchain solutions in the public sector.
• "Models and Attributes of Crypto Projects" --- Professor Oleksandr Letycheskyi, Heriot-Watt University, UK.
• "Exploring the Next Frontier of Cryptocurrency: The Revolution of Decentralized Physical Infrastructure" --- Dr. Xia Chongwu, Senior Lecturer at SUSS. Discussed the potential of blockchain technology in transforming physical infrastructure and its implications for the future of cryptocurrency.

From left: Professor Sinclair Davidson, Dr. Bharath Ramesh, Dr. Vasily Sumanov, Daniel Liebau,

Professor Naseem Naqvi, Dr. Beatah Sibanda, Dr. Xia Chongwu, Daniel Uribe, Professor Li Guoquan

At the end of the morning session, Professor Naseem Naqvi, Chairman of BBA and Editor-in-Chief of the Journal of the British Blockchain Association (JBBA), outlined the process of writing and publishing blockchain research papers in JBBA.

The afternoon session transitioned into industry exchanges. First, Associate Professor Justina Tan (陈姵莹), Vice President of SUSS (Strategy Partnerships and Expansion), delivered a speech. She introduced SUSS's partnership strategy, pointing out that SUSS focuses not only on education but also on industry partnerships and their impact on society. She mentioned that the SUSS team is examining trends driving the business landscape across the region and globally.

Subsequently, Deborah Cleary, Head of Partnerships at BBA, outlined BBA's global ecosystem, including: the Evidence-Based Blockchain Center (CEBB), the Journal of the British Blockchain Association (JBBA), the Blockchain Association Forum (BAF), the All-Party Parliamentary Group on Blockchain (APPG), the British Blockchain Association Fellowship (FBBA), International Conferences (ISCs), the UK National Blockchain Roadmap (UKNBR), the BBA Student Forum, Metaverse HQ, and a range of other initiatives, and introduced how their members benefit from BBA's global network of members, partners, and ambassadors.

As the first keynote speaker of the day, Professor Zvi Wiener from the Hebrew University of Jerusalem outlined the definitions and functions of financial systems. With the rise of fintech, it is essential to fully understand the problems we are addressing, as they can bring potential risks and consequences.

Next, Professor Philip Chmielewski, a visiting scholar at SUSS NiFT from Loyola Marymount University in Los Angeles, USA, explored ethical considerations in fintech.

Following that, Jag Foo, Business Development Director at Safeheron, delivered a keynote speech on "Self-Custody Solutions for Digital Assets under Multi-Party Computation Technology."

Leo Lin, founder of Arkreen, delivered a keynote speech on "DePIN Innovative Solutions for Regenerative Financial Digital Infrastructure."

After the keynote speeches, the conference held two panel discussions. The first panel discussed the topic "Digital Finance: Leading the Future of Digital Assets and Tokenization." It was moderated by Dr. Andrzej Gwizdalski, co-founder and chairman of the Western Australia WEB3 Association (WAWEB3). He discussed with Choo Haiping, Head of Digital Assets for Asia Pacific at Citibank, Guo Junxiu, CEO and co-founder of Elven, Henry Zhang, CEO and founder of DigiFT, and Dr. Steven Hu, Head of Digital Assets, Trade, and Working Capital at Standard Chartered Bank, about the impact of digital assets on traditional finance, highlighting opportunities for enhanced transparency, efficiency, accessibility, and financial inclusion, as well as the challenges faced in real-world tokenization. The necessity of leveraging collaboration and innovation to realize its transformative potential while addressing the complexities of digital finance was emphasized.

The second panel discussion was titled "Navigating Security and Compliance in the Web3 Ecosystem." It was moderated by Dr. Luo Ruiyun, Deputy Director of SUSS NiFT. Panel members included Alvin Chia, Head of Digital Asset Innovation for Asia Pacific at Northern Trust, Arthit Sriumporn, CEO of Rakkar Digital, Jag Foo, Business Development Director at Safeheron, and Shawn Lim, Head of Asia Pacific at Axelar Network. Their discussion provided valuable insights into the complex landscape of security and compliance in the Web3 ecosystem.

Next came one of the important moments of the conference: a fireside chat between Mr. Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore, and Professor Li Guoquan, a professor at SUSS and advisor to SUSS NiFT, on "Driving Next-Generation Financial Services and Innovation Without Borders." During the conversation, they emphasized the importance of infrastructure in shaping next-generation financial services and facilitating cross-border innovation. While innovation needs recognition, it inevitably raises issues that require oversight. Therefore, regulators and innovators must work closely together to find a delicate balance between risk mitigation and growth opportunities. All relevant participants, including other stakeholders such as researchers and policymakers, should work together to effectively communicate the value of emerging use cases to the public, thereby promoting a broader understanding and adoption of fintech.

SUSS Professor Li Guoquan (left) and Mr. Sopnendu Mohanty, Chief FinTech Officer of the Monetary Authority of Singapore (right) during the fireside chat

The conference concluded with the Academic Exchange Award and Best Abstract Award ceremony. Professor Sinclair Davidson from the Royal Melbourne Institute of Technology was awarded the title of Fellow of the British Blockchain Association (FBBA).

The Best Abstract Award was judged by four judges: Professor Naseem Naqvi, Chairman of BBA and Editor-in-Chief of JBBA, Dr. Xu Weibiao, Senior Lecturer at SUSS, Dr. Andrzej Gwizdalski, co-founder and chairman of WAWEB3, and Associate Professor Patrick Pun from Nanyang Technological University, Singapore.

The Best Abstract Award was won by Dr. Bharath Ramesh from Western Sydney University, Australia. His research addresses privacy and security challenges in chatbots, hoping that this approach can foster trust and promote broader acceptance of chatbot technology. The second place for the Best Abstract Award went to Dr. Xia Chongwu from SUSS. His research is about creating and managing decentralized physical infrastructure networks (DePIN) using blockchain technology and token economics. He also explored issues related to the feasibility of DePIN using LASIC principles, emphasizing the exponential growth potential of DePIN through a flywheel framework that lowers investment barriers. The third place for the Best Abstract Award went to Dr. Beatah Sibanda from North-West University, South Africa. She studied the applicability of blockchain technology in the South African public sector, as its current readiness for adoption is limited. This issue further highlights the need for effective governance solutions to improve blockchain technology in the public sector.

This conference provided an important platform for experts, scholars, and practitioners in the global blockchain field to exchange and share ideas. We firmly believe that through such exchanges and collaborations, we can jointly promote the development of blockchain technology and open up a brighter future in the blockchain field.

About Singapore University of Social Sciences

At Singapore University of Social Sciences (SUSS), we have a unique vision to be a university that inspires lifelong learning and positively impacts lives, regardless of the age, background, or life path of our students. Our university is a vibrant and diverse community that brings together people of all ages and experiences. From junior college and polytechnic graduates to seasoned professionals, as well as parents seeking new perspectives and individuals redefining their careers after retirement, our diverse community comes together to pursue a common goal: to empower themselves and society through education.

We offer over 100 undergraduate and postgraduate programs in both full-time and part-time formats, with a modular and interdisciplinary flexible learning approach that meets the needs of both new and adult learners. SUSS also provides a wide range of continuing education and training modular courses for the Singapore workforce to enhance professional skills.

To date, over 47,000 graduates have experienced our unique educational model. There are more than 21,000 full-time and part-time students currently enrolled.

As part of SUSS, the Institute for Adult Learning (IAL) is at the forefront of research in adult and workplace learning and adult educator training, aiming to enhance the training capabilities in adult education in Singapore and beyond.

For more information about SUSS, please visit ++www.suss.edu.sg++.

About SUSS Inclusive FinTech Node

The SUSS Inclusive FinTech Node (SUSS NiFT) is the university's "Center of Excellence," advocating for the forefront of fintech; it is an interdisciplinary hub that integrates the expertise of faculty from the university's five colleges, collective publications, and various projects.

About the British Blockchain Association

The British Blockchain Association (BBA) was established in 2017 and is the most influential voice in the blockchain industry. It is a non-profit organization dedicated to promoting the adoption of evidence-based blockchain and distributed ledger technology in the public and private sectors. The association's advisory board consists of decision-makers from blockchain academia, information technology, computer science, regulatory bodies, and the field of distributed ledger technology, forming a close-knit network of experts and institutions connecting decision-makers, scholars, blockchain engineers, venture capitalists, and visionaries.