GIBRALTAR, November 9, 2021 / PRNewswire / – Huobi Summit 2021 – Blockchain and Beyond took place on November 8e, 2021, with leaders from industry, government and the private sector discussing the role of the digital economy in shaping the blockchain ecosystem in the past, present and future.
Hosted by the Huobi Group, a leading blockchain company, the summit included three sessions: Opportunities and challenges of the global digital economy, blockchain technology and the foundations of the digital economy, and the latest application developments 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 constantly reaching record highs, El Salvador adoption of Bitcoin as legal tender and the United States launching exchange-traded funds linked to bitcoin. Meanwhile, in the private sector, multinational companies have started to accept cryptocurrencies as a form of payment, institutional investors have turned to Bitcoin as an alternative asset to hedge against inflation, and funding plans. decentralized (DeFi) continue to receive an influx of investments, registering a $ 190 billion in total blocked value for the sector.
Former Chairman of the Federal Reserve Alan greenspan opened the forum with a keynote to share his take on inflation. He noted that prices have risen alongside demand for goods and services as the global economy recovers from the pandemic, saying: “Most of the current price changes are largely due to changes related to the pandemic, which should ease over time.But soaring country debt and economic relief can have a net impact on the US federal budget deficit, causing policymakers to be less accommodating to avoid triggering inflations on the side. of demand, which can be a more sustainable basis. “
The digital economy can foster financial inclusion
Other distinguished speakers at the Summit included Agama Emomotimi, Managing Director of the Nigerian Capital Market Institute; Farah Jaafar, CEO of Labuan International Business and Finance Center; Thomas davin, director of the UNICEF Office of Global Innovation; Chai Hock Lai, co-president of the Blockchain Association of Singapore; Asih Karnengsih, President of Asosiasi Blockchain Indonesia; Steve Vallas, vice president of Blockchain Australia; Chen Zhiwu, professor of finance in economics at Hong Kong University and Mattie Bekink, China Director of the business network of economists.
Speakers covered themes that mapped the evolution of digital finance, where blockchain has made an immense contribution as a technological foundation. Digitization will further promote financial inclusion – a key way to reduce economic disparities that have been exacerbated by the pandemic – by making financial services more accessible to people of all walks of life.
While digitization is here to stay, there is still a long way to go towards full confidence in the process. For businesses to have the confidence to invest, policies and regulations are needed. It is only through these that we can establish fundamentals such as digital infrastructure, platforms and skill sets, while nurturing talent for the ecosystem to grow and innovate.
Enabling connectivity and NFTs will improve adoption rate
The three core values of Ethereum are inclusion, fairness and resilience. This means that anyone with affordable internet access and hardware can access Ethereum and interact with the protocols deployed on the network, without fear of rule change or if the network is manipulated by a party.
However, Arjun Kalsy, Vice President of Growth at Polygon, and Niki Ariyasinghe, Head of Blockchain Partnerships at ChainLink Labs, emphasized the importance of connectivity between chains. Both speakers agreed that the latter can attract more users to blockchain technology. At one of the round tables, the founder of Synthetix Kain warwick said, “While NFTs are the engine for average users to embrace cryptocurrency, tokens remain the most powerful coordination mechanism ever.”
NFTs are gaining popularity due to their ability to store data and property. The concept and ability of people to own their data is changing across many industries, from NFTs that are backed by real-world assets to NFTs that will eventually change over time. To adapt to this trend, “the metaverse will need to expand and accommodate various types of data stored in NFTs in order to meet the needs of the industry,” said Aaron Hutton, Marketing Director of CryptoBlades. during this time Yat Siu, Group Executive Chairman and CEO of Animoca Brands, added: “The future metaverse has to be open – in other words, it has to be a place we own, not controlled by one company, but co-owned. of the whole community. The only way we can do this today is through blockchain and NFTs. “
“The digital economy is leading the transformation of the future of finance. Although the industry is still in its infancy with many challenges and obstacles, I am optimistic that great challenges lead to great innovations! It is an honor to have over 30 distinguished speakers. participating in this exciting summit, Huobi looks forward to working and collaborating with the community to create new opportunities for the ecosystem, ”concluded June, co-founder of the Huobi group.
About the Huobi group
Huobi Group, a leading blockchain company, was founded in 2013 to make breakthroughs in core blockchain technology and to continue integrating blockchain technology with other industries. The Huobi Group has extended its products and services to public blockchains, digital asset trading, wallets, mining pools, exclusive investments, project incubation, digital asset research, etc. The Huobi Group has established a global digital ecosystem by investing in more than 60 companies upstream and downstream of the blockchain industry.
SOURCE Huobi Group