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2020, The Year of DeFi and Shared Economy

2020, The Year of DeFi and Shared Economy

Cyberjaya, 14 Jan:

The United Nations Technology Innovation Labs (UNTIL) and Futurise have organized a Technovation Talk – Mind the Gap: Decentralized Finance & Shared Economy that featured experts from academia and the private sector who explain cutting-edge technologies and their possible uses in sustainable development sectors.

Among the special guests and panellists were Ms. Mastura Ishak, Program Director at MIGHT; Harpreet Singh Maan, Blockchain & Fintech CEO at Blocklime; Aaron Tang, Country Manager at Luno; Vincent Fong, Fintech Journalist and Jason Chew (Emcee), the Managing Partner at Bitcoin Malaysia.

Ms. Mastura Ishak was the first speaker to introduce MIGHT and talked about how blockchain enables sharing economy 2.0 in Malaysia. According to her, blockchain is a good platform to use as it helps to enhance provenance of data in supply chain management, not forgetting its unique values – cryptocurrencies duo. She also hoped that Malaysia will move towards blockchain technology.

The advances of the Industry 4.0, including those brought on by a combination of computing power, robotics, big data and artificial intelligence (AI), are generating revolutions in education, healthcare, transport and manufacturing. Not only that, Decentralized Finance (DeFi) has been making waves the past few months and there is a surge in platforms offering DeFi products & investment in this sector.  

Following that, Harpreet Singh explained what is DeFi, which is the movement that leverages decentralized networks to transform traditional financial products into trusted and transparent protocols that run without intermediaries. He also defined it as a decentralized finance system built on distributed ledger technology (DLT) network to carry on decentralized economic functions. He noted that the Internet of Things (IoT), big data, artificial intelligence (AI) are the keys to a decentralized future.

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During the panel discussion, among the questions were what problems are DeFi going to solve, and in response to that, Harpreet said that it is much more on innovation as it helps in terms of settlement time, which is faster and cheaper transactions compared to conventional ones. Meanwhile, Aaron Tang opinionated that DeFi is similar to traditional banking, except that it is more open and democratic.

The panellists also shared about the careers and job opportunities in blockchain and cryptocurrency sphere. Put aside the level or field of study, candidates or job seekers can involve in this industry as long as you are passionate and interested in this industry.

When interviewed by Techcryption, Aaron Tang has outlined Luno’s plan in 2020, while Harpreet mentioned about several programs that they are going to organize, including boot camp courses and training. Harpreet told that Blocklime’s plan for this year is more to education. Those interested to participate and know more about blockchain and cryptocurrency can head over to their website.

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