Finvault’s insider scoop from the world’s biggest blockchain summit
From March 22nd — 24th, team Finvault sponsored and attended The Trescon World Blockchain Summit; the world’s biggest blockchain summit which is a global series of elite gatherings that take place in 16+ locations across the world, pulling in over 25,000 delegates to the conferences globally.
With key blockchain pioneers, technology players and industry change-makers walking through the doors of Dubai’s Atlantis Hotel, the two days were jam-packed with a variety of meetings, educational and inspiring panels, keynote speeches, tech-talks and plenty of networking.
Finvault’s Chief Technology Officer, Christian Papathansiou, took the stage to discuss Web3 and the road to mass crypto adoption and what lies ahead for the sector. He was joined by a panel of distinguished speakers including Kaylee Bushell of Decentology, Stanislav Novikov of Paysenger, Igeneus Terrenus of Bybit, Pavel Aramyan of Fasttoken, and Samir Satchu of BitOasis, and Sheraz Ahmed of Crypto Valley Association who moderated the conversation.
The Finvault team came together to pinpoint what we felt were the major themes discussed and some of our own observations.
- Blockchain is here to stay — The rest of the decade is going to be pivotal in the blockchain space. Witnessing the sheer amount of forward thinking, innovation led, and tech-driven blockchain and crypto companies firsthand at the event, it’s clear to see that the next eight years will be crucial for the direction of the industry, specifically with the next generation who are more in tune and trusting of decentralisation.
- Regulation is coming and people are happy about it — It’s refreshing to see that regulation is welcomed by the majority of individuals and companies in the space, and having the regulatory framework in place before it becomes a necessity is top of mind for most trailblazing companies. Many are using new and upcoming laws and inevitable regulation as a catalyst to improve the world of blockchain and ultimately the lives of others around the world, which was unanimously agreed as being the main goal of blockchain.
- Blockchain is on track to disrupt a myriad of industries — It’s going to be difficult for the general public to avoid interacting with blockchain in some capacity for much longer as it is on course to shake up multiple industries. From finance and banking, social media, government, insurance, retail, real estate, entertainment, healthcare and infrastructure — the list goes on. As companies use blockchain to drive transparency and efficiency they continue to boost awareness of blockchain technology, making it become more significant. There were even predictions that 99% of Fortune 500 companies will be taking part in the digital economy through owning equity in crypto and blockchain by 2030, as long as regulation allows.
- There are many challenges with blockchain but with that comes great opportunity — It was recognised that there is still much to be done in the blockchain space and it is far from perfect. The overriding consensus was that if we seek the pursuit of using the technology for good, we will be well on our way to improving the lives of people all over the world. Events such as this one, new laws being introduced such as the new Virtual Assets Law in Dubai and heightened trust, transparency, and promotion creates an open dialogue and space to come up with solutions to challenges and encourage mass adoption worldwide.
- Regulation should be seen not as a hurdle but as a catalyst for growth — 2022 is the year we will begin to see significant transition for crypto. Actions will be put in place and pen will be put to paper with regulation that will continue into 2023. It will be a very important year for policy and for technologists to understand the regulation they will have to operate in. There is an obligation to meet this challenge and make sure that the framework of regulation is one that allows innovation.
- Education, the correct framework and accessibility is the key to mass adoption — We can’t expect the decentralisation or Web3 revolution to happen overnight as not everyone is ready. It is difficult for people that are new to the concept of blockchain to understand the jargon that can often accompany it. We must take it step by step and it’s imperative that we simplify it to make it more accessible. In the panel discussion that our CTO, Chris was sitting on, he dove into the topic of the rise of DeFi and the next financial revolution, how to move from Web2 to Web3 at scale and gave the audience a view of what the future looks like for the crypto industry. That included regulation, accessibility, education, and how Finvault is reducing the steps involved in connecting users to Web3. One of the key takeaways from the panel was that there is a new phenomenon whereby crypto is rebranding itself to Web3 as it is the next logical advancement of the internet and is easier to understand. Chris made the statement that blockchain is about bringing everybody along and holding their hands so they can make their way into the Web3 world easily. He noted that there is space for every single Web2 incumbent to enter this space and left the audience with the notion that this takes the right building blocks and the right financial rails (like Finvault!) to enable easy access to Web3 products.
- Lower barriers to entry for Web3 vs. Web2 — As it is easier to enter the Web3 space, developers can start building and investors can start investing without facing the same difficulty. This is leading to increased competition which is leading to more advanced ideas and quicker innovation.
All in all, it was a fantastic event and we think it’s safe to say that everyone left having learnt something new and buzzing with ideas to implement into Finvault going forward. Blockchain is an incredibly exciting industry to be in right now and we are so pleased to be making our mark on what is set to improve the lives of billions across the world.
Until next time — see you at the next event!