GIBRALTAR, Nov. 9, 2021 /PRNewswire/ — Huobi Summit 2021 – Blockchain and Beyond took place on November 8th, 2021, with leaders from industry, government, and the private sector discussing the digital economy’s role in shaping the blockchain ecosystem in the past, present and future.
Hosted by the Huobi Group, a world-leading blockchain company, the Summit comprised three sessions: Opportunities and challenges of the global digital economy, the blockchain technology and the foundation of the digital economy, and the latest developments of the applications for the ecosystem.
Focusing exclusively on the use of blockchain technology in the future of finance, the speakers highlighted the fundamental need for the ecosystem to mature and the benefits of the technology to society.
The year 2021 has brought exponential growth for the digital economy, with cryptocurrency prices continuously reaching record highs, El Salvador adopting Bitcoin as legal tender, and the U.S. launching bitcoin-linked exchange-traded funds. Meanwhile, in the private sector, multinational corporations began accepting cryptocurrencies as a means of payment, institutional investors looked towards Bitcoin as an alternative asset to hedge against inflation, and decentralized finance (DeFi) projects continue to receive an influx of investments, recording an approximate USD190 billion in total value locked for the sector.
Former Federal Reserve Chairman Alan Greenspan opened the forum with an address to share his views on inflation. He noted that prices have risen in tandem with the demand for goods and services as the global economy recovers from the pandemic, saying: “Most of the current price change is largely driven by pandemic-related shifts, that should subside over time. But the burgeoning country debt and the economic relief may have a net impact on US’ federal budget deficit, pushing monetary policymakers to be less accommodative to avoid setting off demand-side inflations, which may be a more sustainable basis.”
Digital economy can further drive financial inclusion
Other distinguished speakers at the Summit included Agama Emomotimi, Managing Director of Nigerian Capital Market Institute; Farah Jaafar, CEO of Labuan International Business and Finance Center; Thomas Davin, Director of Office of Global Innovation from UNICEF; Chai Hock Lai, Co-Chairman of the Blockchain Association of Singapore; Asih Karnengsih, Chairwoman of Asosiasi Blockchain Indonesia; Steve Vallas, Vice Chair of Blockchain Australia; Chen Zhiwu, Professor of Finance in Economics at Hong Kong University and Mattie Bekink, China Director of Economist Corporate Network.
The speakers covered themes that mapped the evolution of digitalized finance, where blockchain has made an immense contribution as the technological foundation. Digitalization will further promote financial inclusion – a vital way to reduce the economic disparities that have been exacerbated by the pandemic – making financial services more accessible to people from all walks of life.
Although digitalization is here to stay, there is still a long journey towards full confidence in the process. For businesses to have the confidence to invest, policies and regulations are necessary. It is only through these that we can establish foundational elements such as digital infrastructure, platforms and skillsets, while nurturing talents for the ecosystem to grow and innovate.
Connectivity enablement and NFTs will enhance adoption rate
Ethereum’s three core values are inclusion, fairness and resilience. It means anyone with affordable Internet access and hardware can access Ethereum and interact with the protocols deployed on the network, without fearing for the change of rules or if the network is manipulated by one party.
However, Arjun Kalsy, the Vice President of Growth at Polygon, and Niki Ariyasinghe, Head of Blockchain Partnerships at ChainLink Labs, highlighted the importance of connectivity between chains. Both speakers agreed that the latter can attract more users to blockchain technology. At one of the panel discussions, Synthetix Founder Kain Warwick said: “Although NFTs will be the driver for average users to adopt cryptocurrencies, tokens remain the most powerful coordination mechanism ever seen.”
NFTs are gaining popularity due to their ability to store data and ownership. The concept and the ability for people to own their data are changing many industries, from NFTs that are backed by real-world assets to NFTs that will eventually evolve over time. To accommodate this trend, “the metaverse will need to expand and accommodate various types of data stored within the NFTs in order to suit the needs of the industry,” said Aaron Hutton, Chief Marketing Officer of CryptoBlades. Meanwhile Yat Siu, the Group Executive Chairman and Managing Director of Animoca Brands, added, “The future metaverse has to be open – in other words, it has to be a place we have ownership, not controlled by one company, but co-owned by the entire community. The only way we can do that today is through blockchain and NFTs.”
“The digitalized economy is leading the transformation for the future of finance. Although the industry is still at its infancy with many challenges and obstacles, I am optimistic that great challenges lead to great innovations! It is such an honor to have over 30 distinguished speakers participate in this exciting summit, Huobi looks forward to working and collaborating with the community to create new opportunities for the ecosystem,” concluded Du Jun, Co-Founder of Huobi Group.
About Huobi Group
Huobi Group, a world-leading blockchain company, was founded in 2013 to make breakthroughs in core blockchain technology and further the integration of blockchain technology with other industries. Huobi Group has expanded its products and services to public blockchains, digital asset trading, wallets, mining pools, proprietary investments, project incubation, digital asset research, and more. Huobi Group has established a global digital ecosystem through investing in over 60 upstream and downstream companies across the blockchain industry.