Revolutionizing Blockchain Education, Switzerland’s Professionalism, and the Future of Digital Assets: Key Insights from Panel Debates at the DEC Summer Event
Digital assets and Web3 technology are transforming the future of how we manage and transact value, demanding professionals with very specialized and interdisciplinary knowledge. At the recent summer event of the DEC Institute, taking place at the Trust Square venue right next to Zurich´s Paradeplatz, industry experts participated in panel discussions to delve into various aspects of the blockchain ecosystem, including education, certification, professionalism, and the future of digital assets within the emerging Web3 landscape. Let’s explore the key takeaways from these insightful debates.
Revolutionizing Blockchain Education with Rigorous Testing of Knowledge
Introduction:
Employment at Blockchain-related corporations has gained significant prominence in recent years, leading to an increased demand for professionals with expertise in this field. To address this demand and ensure qualified competencies, many organizations have introduced certifications and credentials. In the first panel industry experts shed light on the purpose and benefits of such credentials, as well as the role of Massive Open Online Courses (MOOCs) in professionalizing the blockchain community. Here are the key takeaways from the discussion.
Creating Global Standards:
According to Matthew Poyiadgi, Vice President of EMEA and Asia for Pearson VUE, one of the primary drivers behind launching certifications and credentials is to establish a global standard for professional quality. He states, “One thing is to create a global standard. So, if somebody certifies in North America versus Australia or somewhere else, the standard is recognized as being the same.”
Professionalizing the Sector:
Poyiadgi further emphasizes the role of certifications in professionalizing the blockchain sector. He explains, “Certification helps define what that benchmark is. And the other thing it does is getting away from people being self-appointed or self-proclaimed… Experts need to prove that they have the skills to do the job. And beyond professionalizing the sector, a global certification creates a legitimacy around the work that the industry is trying to do.”
Ensuring Legitimacy:
By requiring individuals to prove their skills through rigorous testing, certifications add legitimacy to the work carried out by educational institutions and industry organizations. Poyiadgi emphasizes the importance of certification in legitimizing expertise, stating, “And that’s the central principle here, to have this global standard, to build the community and a sense of belonging for the individuals, but also for the DEC Institute, for the recognition of its brand as a global standard anywhere in the world.”
Blended Learning Approaches:
Regarding preparation methods for certification exams, Poyiadgi highlights the evolution from traditional instructor-led classroom training to a blended learning approach. He states, “It was very much an instructor-led classroom for traditional IT certification… Of course, that is really evolved now to a more blended approach. People self-study and self-learn and we have the advent of eLearning of course.”
The Role of MOOCs in Professionalization:
Eumari Bonilla Cartier, Senior Director and General Manager of Partnerships at Edx, discusses the role of MOOCs in professionalizing the blockchain community. She shares an example of the impact of MOOCs, saying, “The first course on edX was from an MIT professor and founder of edX Anant Agarwal, who is the current Chief Platform Officer at edX… and in just a few months, that MOOC got 155,000 students attending that course, with about 7,000 students passing it. 155,000 back in 2012 was more than 150 years at the time of MIT alumni. And those 155,000 students were coming from 162 countries, that speaks about the potential of global access enabled by MOOCs.”
Conclusion:
The panel discussion emphasized the significance of open learning and certifications in the blockchain sector. These credentials enable the establishment of global standards, professionalize the industry, and ensure the legitimacy of professionals’ skills. Additionally, MOOCs have emerged as a powerful tool in promoting access to education and global connectivity. By leveraging MOOCs that prepare for professional certifications, organizations can create a skilled workforce that meets the demands of this rapidly evolving field. The partnership of DEC Institute with edX and Pearson VUE is facilitating these developments, as Bonilla Cartier concludes “We have seen great results in just about six weeks, with hundreds of candidates enrolling into the DEC programs from the UK, US, India, even from Hong Kong, Singapore, and UAE, which is amazing!”
Switzerland at the Frontier of Blockchain Professionalism:
Introduction:
The second panel shed light on the maturity of the blockchain profession overall, the maturity within Switzerland’s blockchain industry, and its position compared to other countries. The discussion featured Teana Baker-Taylor, Vice President of Policy & Regulatory Strategy EMEA at Circle; Fabiola Luna Huerta, Ecosystem Manager at CV Labs; and Alexander Brunner, President of Home of Blockchain Suisse. The panelists also shared valuable insights into the code of conduct, ethics, professionalism, and regulatory frameworks shaping the blockchain ecosystem in Switzerland. Here are the key takeaways from the discussion.
Establishing Codes of Conduct:
Teana Baker-Taylor emphasized the importance of codes of conduct in the blockchain industry, outlining its role in setting ethical standards and promoting professionalism. “Essentially, codes of conduct, define how to behave ethically, how to set up businesses that would be potentially future-proof through the lens of a regulated ecosystem” said Baker-Taylor. The goal is to establish guidelines for market participants, including token issuers, trading platforms, funds, and data aggregators. By following these standards, companies can navigate the regulated landscape and contribute to the overall maturity of the industry.
Adapting Codes of Conduct to Decentralized Environments:
Teana Baker-Taylor acknowledged the diverse nature of blockchain applications and explained that codes of conduct vary across different sectors. “We don’t necessarily need new rules and new regulations for everything, but we do need to set standards for how to operate in this new emerging ecosystem,” Baker-Taylor noted. For example, data providers in the crypto market are not yet regulated. However, setting a baseline for transparency and publishing methodologies helps ensure consistency and builds trust. On the other hand, activities like security token issuance fall under regulated frameworks. As the industry evolves, new sets of principles are emerging to address specific areas such as decentralized finance (DeFi), where regulations may not always apply. Adhering to these codes of conduct helps protect consumers and maintains industry integrity.
Switzerland’s Unique Professional Society:
Fabiola Luna Huerta highlighted Switzerland’s exceptional ecosystem, known as the Crypto Valley, which comprises over 1,135 companies and boasts a combined value of $185 billion. She attributed Switzerland’s success to the collaboration between tech and legal companies, a progressive financial sector, supportive regulators, and a strong legal framework. “Everything started with a few brilliant people, engineers, mathematicians, physicians, who had brilliant ideas which they could realize with the help of supportive and pragmatic lawyers. Nowadays, the Swiss approach emphasizes professionalism, ethics, and sustainability, which are crucial for the survival and growth of blockchain projects. The regulator’s willingness to learn and work collaboratively creates an environment conducive to innovation and sets international standards.”
Balancing Innovation and Regulation:
Alexander Brunner reflected on the evolution of the Swiss blockchain industry and the initial libertarian mindset that characterized it. “I know that tonight we have a perspective on professionalism, but on the other side of the coin, back then and even today, some crypto communities are like — Hey, we’re decentralized, we don’t care and don’t play by the rules… -which is very much this US mindset, to move fast and break things, get rich quick” Brunner observed. He emphasized the need to find the right balance between this libertarian, disruptive attitude of innovators while protecting consumers and adhering to financial rules. “Professionalism, in my view, is the next step for more buyer adoption. If the crypto community wants to grow up and reach a larger audience, it needs to become more professional, as governments and regulators will not accept opportunistic behaviour that goes against the rules in finance — same risks, same rules” he concluded.
Conclusion:
The panel discussion highlighted the importance of codes of conduct, ethics, and professionalism in shaping the blockchain industry in Switzerland. By establishing guidelines, adhering to regulatory frameworks, and striking a balance between innovation and regulation, Switzerland has become a global leader in the blockchain industry. The collaborative approach between tech companies, the financial sector, and regulators has created an environment that fosters professionalism and sustainability. As the industry continues to evolve, upholding high standards and ethical practices will be instrumental in driving its long-term success.
Exploring the Future of Digital Assets and Web3: Insights from Industry Experts
Introduction
Participants in this AMA (Ask Me Anything) included Sebastian Bürgel, founder of Hopr Network, Claudio Schneider, CEO of DCAP, Lucy Taylor, Institutional Sales Manager of Coinbase, and Charles Kerrigan of CMS Law & Tax in London. The panellists answered 10 questions from the audience on various aspects of the evolving landscape, including the importance of self-custody, value creation, regulatory compliance, and the role of blockchain technology in society.
Sebastian Bürgel, as an advocate for decentralization, expressed his hope for a shift towards self-custody and individual empowerment, stating, “I hope that in the next 3 to 5 years, every single institution loses. Every single centralized custodian loses. I want to see self-custody, I want to see people being empowered.” He emphasized that crypto is designed to empower individuals rather than centralize control.
When asked about how he sees the developments of Layer 2 Blockchains, Sebastian explained: “Basically, a while ago, people came up with this idea that blockchains are slow. A great story that you could pitch to all VCs to raise $100 million while saying — Hey, we make their blockchain way faster. That’s great. Isn’t that great? — Everyone understands that that’s great. But the tricky part is how to make something way faster and way more scalable while keeping it resilient. Nobody actually succeeded in that. So, to fix that scalability problem, the so-called Layer 2 scaling solutions came up. Just to go through the zoo, basically, there are these so-called optimistic rollups, which aggregate transactions and perform computation on side chains, which leads to more scalability. ZK rollups, which refers to even more scalable Zero-Knowledge rollups is one of the big contenders, and a topic which I’m personally interested in, which is privacy respected L2s.”
Claudio Schneider was questioned about Bitcoin as a reserve currency and answered: “Reserve currency is a term I’m still trying to get my head around, but probably as a central banker, you want to be in a position where you can extend your supply and reduce it to keep the economy in balance and stable. And at the moment, you have a lot of volatility in Bitcoin, less so in recent months, but overall, in the last two years at least, there was a lot of volatility. So, I see Bitcoin more as a reserve asset, than a reserve currency. But, depending on which country you’re in and how volatile your national currency is, this might be a good alternative to keeping gold, US dollar, or anything else that is more stable.”
On the question of who would be the winner in the digital asset space in the next three years, Lucy Taylor answered: “I think, based on the conversation that we have today and in the previous panels, transparency, and infrastructure that gives clients that comfort and security is top of minds and it’s going to continue to be a growing trend. I think that there’s just going to be a whole new level in security and strong counterparties. Again, post FTX, there was a huge flight to safety in terms of clients looking for a safe place to not only custody assets, but also trade assets.”
When asked about the future of the industry, Charles Kerrigan predicted that there is a good chance that financial markets will run on blockchains by the end of the next five years. “I think your question is looking specifically about native cryptoassets, but the tokenisation of debt and equity will be a wave coming through the next five years. So, I think that financial markets are likely to run on blockchains, but the question is if they will adopt DeFi as well, I mean will they use permissionless systems. DeFi doesn’t have to be non-compliant with financial regulations, there are models of DeFi with KYC for example. I also see tokenisation of data and tokenisation of personal data is also a huge topic, as that’s also a founding principle of Web 3.0.”
Charles was also asked about the chances of Bitcoin being regulated for money transferring and payments and stated: “There are two interesting aspects to that question. The first is, in most jurisdictions, Bitcoin doesn’t satisfy the legal definition of money. So, you don’t necessarily hit money transmission rules just dealing with Bitcoin. Decentralisation is a harder question. Bitcoin is decentralised because there’s no issuer. So if you’re a regulator, you regulate entities. You have someone to hold responsible for bad practice. Bitcoin doesn’t have an entity, it doesn’t have an issuer, it doesn’t have the characteristics of equity: there’s no claim on corporate profits; and it doesn’t have the characteristics of debt: there’s no maturity date, there’s no running interest. So far so good. The difficulty with decentralisation isn’t legal, it’s practical: most projects tend not to be decentralised enough to satisfy a technical definition of decentralisation. Bitcoin shows that true decentralisation takes projects outside regulation, but most projects are not in fact decentralised.”
Conclusion:
The quotes in this article are just a couple of extractions from the debates. Overall, the panels provided valuable insights to all members, partners, and charter holders of the DEC Institute, emphasizing the importance of continuous education, learning, and professional standards of practice. The DEC community is growing to become a multidisciplinary professional society, with technical, economical, and legal experts driving the maturity and legitimacy of the blockchain industry forward. We are looking forward to next year's summer event, which is going to evolve into something even more exciting!
Related press releases
- https://home.pearsonvue.com/About/News/2023/DEC-Institute-partners-with-Pearson-VUE.aspx
- https://press.edx.org/the-dec-institute-joins-edx-partner-network-with-launch-of-professional-certificate-programs-in-blockchain-and-digital-assets
About DEC Institute
The DEC Institute is a global, mission-driven organization, co-founded by the leading blockchain, cryptoassets and Web3 focused universities worldwide, and serving the global talent and professional development market. DEC believes that high-quality professionals contribute significantly to the advancement and sustainable functioning of the industry. Its mission is to provide value to this profession through a platform for knowledge distribution and certification and by engaging with the industry to advance the newest developments, expertise, and professional standards of practice. For more information, please visit Decinstitute.org.
