Blockchain Application Opportunities in the Next Five Years

Transcript

uh thanks for inviting us so I'm Vanessa from PTX Capital so today's topic is about blockchain applications opportunities in next five years so um we have been in I have been in this space for over five years so I've been um review or been through a lot of group projects Web projects in this industry so I have to I have three questions for today's panel to discuss about what's the future in the next few years so first the question is about um in the next five years what other

Industries do you believe can leverage blockchain technology for Innovation and the transformation yes all right yes I guess before getting to the question and quick introduction of myself and who I work for and then we'll jump into the question but my name is Taylor Harris I am head of community dapos dapos is a web 3 operating protocol which basically makes tabs as user-friendly as web 2 or mobile apps um so I think if you were to ask me if someone were to come up to me 10 years ago and say 10 years from now we would be hosting these conferences based on the idea of blockchain I probably would not have any idea what they were saying

or what they were going on about but now here we are and so I think just in this amount of time each Innovation each thing around blockchain is continuing to change so five years from now I think it'll be part of everyday life whether you are you know well-versed in web 3 whether you know about blockchain I think it'll be something that we used on a day-to-day basis hi I'm Pat for SEO at vaults which produces a web 2.5 engine that provides a digital ownership layer and a compliance layer for Brands who are looking to enter the space that do not have a blockchain department already I think I kind of agree with you I think in five years we're going to see a lot of shifts in the space right now we're definitely much more technical focused we haven't found as many interesting

ways to see consumer use cases but I think kind of looking at this event and in general we've seen a lot of people who are interested in topics like Regina review Finance the centralized science where we can actually start owning our own data and actually pooling that to make a profit we have the ability to kind of look at spaces like energy and kind of looking at decentralized science also where we're looking at use cases for AI to to actually increase the advancement of medical research we're also looking at places like automobile and like gaming there's so many consumer use cases that actually have the importance of a digital ownership layer where you're actually able to keep that data and I think each year as we go forward we're actually going to see more and more things pop up yeah I think originally a lot of people

you know got into blockchain obviously for the whole finance a decentralized finance aspect of it but aside from money one of the other things that is the most important is Health right you know if we don't have health we don't have money so I think one of the main things I want to touch on first would be implementing blockchain into the the medical industry and medicine for example if I'm on my way to the hospital let's say it's an emergency or it's a your annual doctor checkup regardless of what's happening I'm gonna have to fill out the information I'm gonna have to give my insurance I'm gonna have to fill out the medical records and a lot of times I could be in an emergency and I still have to do this regardless and more often than not you'll find yourself

in these waiting rooms filling out this information where all of this can be done at the click of a button on blockchain all of these all of your medical records could be in one place to where when you're on your way to the hospital um the doctors the nurses the people at the front desk are able to access those records at a click of a button which could you know in the long run save you time could even save lives based on timing so I think obviously blockchain in the medical industry would be a big thing first I actually want to take that in a little bit different of Direction because for me I really like public goods right and I think historically we've seen with charitable donations there's a lot of room for bias when working with large ngos there's huge donor bias so anybody

who's putting in 5 million 10 million dollars has a lot of say in fact how that organizations run we have companies in the space like Bitcoin who use projects like our Concepts like quadratic voting quadratic funding we're actually trying to use unchain data to actually provide better analysis of how corporates should be matching their programs and so a lot of this is actually a transparency layer and we can actually make better charitable contributions put money into better places all utilizing that same blockchain technology awesome yeah I think there's lots of different things we can touch on but [Laughter] blockchain technology is quieter you know

predict because we like discussed this like five years ago I think it's a very big company they they put this on topic it's IBM so they discuss about the Ledger The Ledger technology to how to improve the web 2 to web3 so we kind of discussed about this for many years but so far we found out um we still like in the process of that and um because the cryptocurrency people would like to be two sectors to focus on different areas some more focus on the cryptocurrency

itself some are more focus on the blockchain technology itself so it's really come can now predict what will be which will be bigger or which will leverage like each other so it's really hard for me to like to to know that but I think we can actually leverage all of them right yeah whether you're into pfps like board apes or azuki if you're into D5 and you like Pepe and psyop or you're into video games and you just want to be able to trade your assets across different verticals I think there's a place for everybody inside of this space and it's up to us to find those use cases for regular consumers yeah I do agree so I ordered

about the um don't have the technology background I think it's really really big move for all our Industries yeah okay so uh yeah you gotta keep going yeah so yeah um me and power talking backstage we're like you know how are we gonna go about this and I think one of the big things is the music industry and social media content creation so I think blockchain can do a lot for these two different Industries for example in the music industry when a an artist's first signs to a record label they don't necessarily know what they're getting into maybe they see I guess a sum of money that seems interesting so they sign on to

this record label and then later down the line when their Spotify streams go up you know they release more and more music they figure out that they don't actually own their own music um the record labels are you know look always watching over them taking all of the things and so I think blockchain can be a big part of this to where you do own what you put out because a lot of artists they won't release music or they'll only release music based on what the record labels want whereas if you own everything that you put out I think it would help with the creativity with an artist you know they'll have they'll take pride in their own work if it's all backed by the blockchain it's secure and they own their own music actually want to take that in a slightly

different different direction too because I've spent about a week inside of Montenegro and I've kind of been looking at the climate here and what are the opportunities for this country itself something I noticed was that 60 of this country's energy is actually being currently used by coal 40 by hydro and actually presents a really large opportunity for this next generation of of people in Montenegro to actually make a change for Renewables and so we can think of this even like maybe an energy containment system as Montenegro Serbia like the other countries in the Balkans kind of shift over to solar and look at Renewables we actually have the ability to attach a blockchain layer what if we were to create modular grids where every single citizen inside of Montenegro had a small little piece of the grid as these energy containment systems

currently the country uses a lot of lead acid batteries 50 efficiency things that need to be modernized moving over to lithium ion by having that lower volatility historically I think Montenegro anywhere from 12 to 35 over the past couple years has to actually import energy because of the Reliance on hydro and coal if we were able to fractionalize this with the citizens of Montenegro we actually now provide an opportunity to reduce that volatility but also even give the local citizens room for more jobs but also for them to actually be like they're a part of that grid and feel like they're part of the movement okay so let's move to our second questions so uh I would like to mention AI because it's really uh popular

recently and everyone is talking about chair gbt so my my question is what's the combination for blockchain and AI technology and what's the Synergy there and in the next five years is that possible we can see Ai and the blockchain they are working together to bring the massive adoption this first you want me to I actually saw a really cool one this week so I don't know if you guys are familiar with a company called Golden they're pretty well known for doing knowledge graphs but I actually had met a Founder out of Serbia who is uh who had just left golden and I think he was the first person who really made me interested in kind of looking at Ai and ml models inside of the space and so I'm

looking at knowledge graphs I think a big thing that we have to look at is kind of like civil resistance like how can we make sure that these things are fair but also decentralized right and fully automated and so he's like using this thing that he was talking about by Asian modeling which is so hard to say but it's the same concept that how our email stamp Builders are and when I was talking to him it was really just so inspiring to talk to him about how you have a human verification layer you're putting that up against an AI or an ml model and so you can you're using humans to train the AI the AI is now checking back at those humans and you're creating a loop and actually trading that model and it's all to make sure that consensus is good the verification layer is good

and that there's good actors if you have bad data you get trash output right if you have good data and you have a good verification layer you end up getting a better output in the end and this is only possible with things like AI yeah so I think I'm gonna come at it from a little bit different perspective not from you know a developer standpoint or anything but basically through AI for example uh mid Journey or Dolly these are you know these programs that can make things more beautiful and I think making things more beautiful can attract more users for example the virtual wallet that I prefer to use is going to be the one that's got the ux and UI on point like I prefer to use something that is visually appealing it's not complicated so I think being able to interact you know with open AI Dolly and

mid-journey using those artistic functions to help with um for example the way you put out your product the way it looks I think will you know bring on more users so I heard our new um concept for AI for using in the blockchain they call it it's a tool for as an AI tool so I think if we would like to bring more users or developers in blockchain area using AI can easily make make you to learn how to code in smart contract like for example for me if I want to use the smart content right now I can use charge gbt to help me to coding so I think this is a really big

big improve in our area and a lot of developers who are want to building something very interested or they want to learn CK or ck evm or anything new in this area you can easily find the answer by using the AI I think it's quite different because back to uh before AI or area we will find like it's really hard to explain what's blockchain or what's going on in in Syria what's going on the other like blockchains but now people were using AI to get their answer so it's more easier for more and more people to understand what's going on and more easier for them to learn how to

coding how to get the knowledge of the blockchain it's a big progress in for our area like us if we want like to recruiting some people who want to join the blockchain I will let the candidates to use the AI to learn blockchain first that's really effective yeah no I mean personally a lot of questions that I have about blockchain web3 specifically I'll go to chat GPT yeah shamelessly I've done a lot of my learning through chat LGBT yeah I don't know if some of you guys are here in 2020 I don't have a technology background so Rabbit Hole was the kind of like platform of choice and I spent three thousand dollars worth of ethereum gas we used to learn the basics

nowadays you open up chat GPD Pro and you like you know what is DK sync and can you explain this to me as if I don't know anything about technology and it gives you those answers yeah there's one I actually was thinking about as you guys were talking about this is actually Grimes was in uh in Montenegro a couple weeks ago and she's also someone who is willing to allow people to use her voice to create new music right at a 50 royalty and so when you think of the use of AI imagine in the music industry anybody could go from text to voice create a song out of it right they tokenize that license and then they release it to the market and automatically whenever like a payout from a Spotify or maybe a web 3 platform that's going to replace Spotify Grimes is now getting that royalty and

automatically to her because it was that token that actually allowed for the person to create that music not to touch on that um I'm not sure who's familiar with the artist Drake but somebody actually made an AI song using Drake's voice and it became one of the biggest songs on Tick Tock it was on Spotify for a while and it was one of the like top streaming songs and then eventually you know they took it down because I'm sure record labels have something to say about that but if you were able to you know place on the blockchain tour Drake is getting you know the amount of money he wants from that while the ideas are still being put out I think can help yeah so for the AI side I or I'm also looking into some uh very uh interesting projects which combine the technology

from blockchain and the data so AI is the the algorithm is based on a lot of data so they called prompt and their scale AI is doing a really good job in San Francisco and I think there was something similar project or company will happen in blockchain area because all the data we need to do maybe we can use algorithm by using the Air Technology to proving more like easier data for normal people to use for example like for the trading side we we do talk about action analysis for the trading signal for many many years

but in this year we see a lot of products they are using the AI technology to providing their own chain data analysis so it's really gather more attention or more transparent and like results for a lot of people they do not have the data analysis ability so this is a big improve related to trading side and the other side like the developer Community I feel like a lot of like graduate people they want to join this blockchain community they are do working on the data side to improving the current issue right now like like

indexing so indexing on the blockchain the data is very slow and the data probably needs to be Tagged so a lot of projects they are doing the tech services on blockchain to make the data more transparent on chain for users to check maybe in the financial area a lot of government Regulators they are doing the kyc EML since they but they are due using this kind of Technology right now to using the blockchain data so any anywhere you want to share because you are doing the devs communities there um before I get on so I think there's a lot of competition for example you know

right right now we're you know attending a conference that's you know a lot about web 3 before there was a huge nft boom and then now that we're seeing AI become more relevant you know we almost see that there's an AI boom but I think rather than you know we don't need more nft projects we don't need more web 3 projects we don't need more AI I think there's different ways that we can learn to collaborate like this question says like how is you know blockchain and I AI going to be able to work together so I think rather than you know taking one industry industry and having too many projects that we don't need I think being able to combine the different sectors would be awesome yeah I'll run back with ZK so me

personally like I I'm someone who cares a lot about my privacy right whenever you're downloading an app on the Apple Store the Google store if it's free I think a lot of people in this world still don't realize in 2023 if it's free it means they're harvesting your data they're packaging that and they're selling it for a profit right so you've essentially become the product that they're selling and so the ZK I think it's the first time where I really truly feel that like my medical information my financial transactional data maybe my volume that you want to analyze or maybe my company's data that you want to analyze all of that can be completely private I can share it with another Pool of other people so I think one thing that I really saw was cool was actually like a genome mapping project where people were doing these saliva tests the

same way that you pay money eighty dollars to 23andMe for them to tell you about like kind of your uh your DNA right but what they're actually doing is they're making money and you're paying them for them to make money right yeah and so they're like these really interesting groups they are doing exactly the same but they are using AI technology to sell the data to this big company like Bank the trading firm and there's some credit card company or consumer company the Gathering the data by AI algorithm and let the company to know how the user behavior is there and they can generate more Revenue by this algorithm so I see and and it's kind of selling your data to to these companies but you can't even

learn a bit so it's quite um yeah that's why we need a web stream yeah I think that's the importance of us really kind of looking at web 2 versus web3 as consumers I work in the consumer entertainment market right so I kind of get all this marketing but when I talk near an Alexa with my wife it's like oh when we uh when we have children we're gonna have to get so many diapers like are we gonna get the organic ones are we gonna get the ones that like we have to wash ourselves or whatever right and tomorrow the next morning I wake up I hop on Instagram or Twitter and I start seeing Pampers diapers like that it's kind of terrifying that like they can attribute something that's completely out of left field and actually Target you in another different application and sell it to you

and so we I think we cope a lot we say you know if that product is something that I end up buying and you know I've bought some of those vitamin gummies and some of these other products from it like that it's okay because they're selling me something that I want but the reality is is that they're actually harvesting all of your information they're they're manipulating your own emotions and kind of like your own psychology and they're colonizing everything without giving you anything back okay so let's move to our third question so blockchain has the potential to enhance data privacy and the security so how do you believe privacy enhancing Technologies such as serenology proofs will involve and contribute the Privacy aspects or blockchain in the coming

areas the coming years yes I think one thing that you can never forget about is privacy insecurity like if you're it's one thing to trust the blockchain but to be able to you know put your money or eventually we talked about like your medical records maybe even like keeping all of your personal identification passport your Social Security your driver's license all of these things immunization cards like to be able to trust the blockchain to have all of these things it's going to take some time and so I think now that we're able to trust our money more or less on the blockchain I think as long as we can improve the security improve the Privacy it's going to bring more users like maybe my mother and my father will be able to use blockchain if they know that everything will be convenient and secure

I completely agree with that and I I think for me ZK is something that's interesting but I think that at current day it's not super useful for consumers in a couple years it will be because it's a shift in generational mindset right for my parents they could care less about their personal information on there and my dad 10 years ago was still not willing to use a credit card on his phone right and but for this future generation I think knowing that it's like kind of a collectivist mentality it's not that like we don't want to see another Cambridge analytica we don't want to see more of these leaks and I think with ZK like if I'm from a gaming background so I think it's so cool to know that I can be anonymous on the internet I can like pull into like maybe a different Marketplace a pool of assets

maybe a collectivist fund but to not have my personal identity linked to what I'm doing on on web3 okay so I would like to share um a little bit different like scenario what happens through in Singapore right now so I currently moved to Singapore so uh once you go to uh to be a residence there you will get a pass call noticing past is released by The Singapore government which is kind of the idea we are talking about but they are probably releasing on the web too so you are having a theme pass which recorded all the data of yourself which is your passport number your first update your residence or your address

and what and your job so every time you would like to apply a bank account or you would like to login the government's website or something website they always ask you please log in your same path which is verified by the government and you using the same pass are having their life in Singapore everywhere so it's kind of funny because the con the country there is as proving that the ID is very important but you should be like verified by the government first which this is the valuable data so I also have a questions about okay so the same pass

already recorded every my activities online so it does like still have the Privacy data you have all you still own the data by yourself so I I do some research online so their page saying like oh the data is not yours [Laughter] so um yes this is what I have been through in like this country and the the go also Singapore is quite safe country so they protect you but in in other like exchange you should provide your data to the government side yeah yeah I think this kind of relates back

to the first question whereas where we can see blockchain in the next five years and I think with privacy and security we're talking about having to take care of all these numbers you know bringing your passport places I don't know if any of you have ever lost your passport but going through that process of having to renew your passport you could be in a foreign country you could be in a country where maybe you the nearest Embassy to you could be a ways away and like you know it could be a nightmare but have being able to have all of those things in one area and knowing that it's private and secure would be a great you know a solution to a simple problem is losing your passport and I think in the midterm we actually have a couple different ideas in the space that are trying to kind of improve

on this right we saw that vitalik's very first nft that he admitted was something called RNs which was a republic of Palau ID kind of trying to test the waters of weather like a U.S minor territory would be able to accomplish something like this we also have companies like molecule and our molecule controller and so molecule controller is a single line of code and they essentially are a no code dashboard that allows you to turn on and off compliance they tokenize the answers of like let's say an AML policy from or like a kyc check from a company like plaid maybe the real ID verification if you're looking to claim like a bottle of vodka from the internet but all they do is actually end up tokenizing it as a yes or a no and what we need now is actually adoption from both ends I think the web3 side

understands it but the web 2 side doesn't right yeah and so until we can actually until we get more organizations especially government organizations involved this on the web to end we're not going to be able to change it and that's why it takes a little bit of time for us actually to move on these types of security and privacies yeah yeah I do agree so I think we still have some time for everyone's here so if that's anyone want to raise your hand to ask certain questions what are your ideas for blockchain in the next five years where do you see blockchain in the next five years yeah all right well I guess we covered

everything so awesome thank you so much okay thank you to our panel um please give them a round of applause [Music] [Applause]