Web3 Adoption in Enterprises

Transcript

foreign [Music] bikes working yes yes cool hi everyone hello uh namaste so really excited to be here Vietnam is a very special place for me personally I'm having Vietnamese and uh being here I think I told my mom this morning when I walked in I'm at the Independence Palace she was so excited so our pit how about you what do you think it's a beautiful country this is my second time in Vietnam and I see this amazing energy that we have here in the dev Community super happy to be here yeah great great so just a quick introduction right you see bcw polygon I think a lot of people know polygon but

not so much pcw you've always asked me especially last night in the opening dinner what does a PC of bcw do let alone what does bcw stand for uh it stands for blockchain communications world we are a fintech advisory uh Professional Services Company but then in terms of what do we actually do uh you've heard a lot about startup acceleration startup incubation uh what we do is Enterprise acceleration so it's really flipped backwards we help corporates and Enterprises with their DLT and web3 journey and then how we actually scale them up with Technologies like polygon on ethereum and other DLT

protocols both public and private so up to you yeah so thanks Jeff I'm part of polygons Enterprise team so what we do is very similar to what Jeff mentioned so we deal with three market segments traditional Enterprise clients uh digital native businesses and government and public sector and we ensure that their journey in this web 3 is as smooth as as it can be so we kind of take them through that complete Journey from idea to product to POC to a pilot and finally to a product into commercialization whenever that reaches yeah it's really exciting so arpit and I have been traveling different places we've run into each other in different countries especially in Mongolia Mongolia area yeah yeah and then uh

people ask us why Mongolia at that time a very similar story of why Vietnam so you know we're not going to talk about why Mongolia we'll talk about why Vietnam uh Vietnam itself is like Queen said earlier uh has a lot of great opportunity Talent the market is developing quite significantly and especially when it comes to Enterprise there's a very strong web 2 presence in terms of traditional development and many of the development houses and the capabilities of the people in Vietnam especially in development uh and and Technology side uh are really embracing the web free space so from an Enterprise perspective we see not only great opportunities to partner but overall significant uh foreign direct

investment coming from external markets into Vietnam to grow the Enterprise space when it comes to BLT and web 3. so I have a slightly different view on this so I think of course Enterprise is a great place to start but for me uh what Vietnam means is and you know I will just build upon what will also mentioned in her speak today morning so for me Vietnam is is a lot of potential right so this is a this is a place which can be that web 3 growth engine for Enterprises globally so you can be in Vietnam and you can be building for the world so that's what that's what I am really passionate about you know having the developer Community here feel you know that they're part of that Global

ethereum Community uh bringing whatever best of the best use cases we have globally here uh bringing some of the capacity building stuff that we have here and connecting this community developer community in Vietnam to the world so that's uh that's the other point of view to this I think that's that's yeah exactly I think from a macro economic perspective Vietnam has so much to gain in this level of uncertainty not even from the overall economic situation with the neighbors in the region but also specifically with the overall Trends in the crypto Market defy and game five Etc um so let's talk about the down market and economy side so what what are some of the pain points you see with uh the Enterprise I guess clientele that you're

focusing on so I think the the biggest challenge that I face or the Enterprise clients face is that you know if you look at blockchain the three crypto right so it it it is not only a technology it is a culture right so you can you can read about the technology you can read about blogs and you can read about hash but you can not just read about that culture you have to feel that right so with that culture comes a lot of uh you know a language of its own uh you know all the technical jargons and the community is very technical in nature right so all the conversations start with technical things right for example what is ZK ZK proves optimistic rollups and all of that right so what I feel is that that has created a significant entry barrier when it comes

to the Enterprise client so most of the decision makers and Enterprises they are they are business oriented they are business people right so it's the moment the moment you bring in all of this new uh terminology which is changing not by not by the month by the day right so every every day something new is happening so it becomes very difficult for them to actually understand this so I think that's one secondly because this is this is such a new space uh specifically for an Enterprise client you will hardly find a decision Center who is who is the person who will take a decision to either build on web3 or not build on web3 except for maybe the CEO right so everyone else in Enterprise is incentivized for sustainability or continuity of that organization right so that's the that's the second piece and

then third I think resource pool is a big constraint so they have highly trained uh people in traditional Tech but as this this this field is going very fast we have a lot of dynamism in this so I think that resource crunch is also there yeah I mean I think from my perspective I definitely agree with you uh if you look at the life cycle of how an Enterprise project Works in web 2. first of all you decide is it sldc is it agile right and then if you're going to go through the procurement process of actually getting somebody in you have to empanele the vendor you have to do risk mitigation legal compliance a whole bunch of stuff turn that into web 3 and it's even more complicated so what we find is when we

go into Enterprise usually just doing a web 3 project is like a full-time job right I mean there's so many Founders and startups of web3 companies here how much time do you spend just doing your regular company can you imagine if I was like a chief Innovation officer or if I was a director of I.T how do I even handle a web 3 project while keeping the lights on running infrastructure doing itsm doing uh all of the other you know CI CD type activities for for for what I need to do so uh that is the biggest pain point I I would say from Enterprise clients so helping accelerate that really finding the developers standing up a program and then specifically helping the people who want to build in

web 3 inside Enterprise and then giving them a entrepreneurial kind of service to move this forward until they can stand on their own feet and then getting and help get funding I think funding is really significant important especially in the foundations right ethereum foundation and polygon type activities for Grant giving Services those are also very extremely important for Enterprise so I think just to build on that Jeff so you mentioned the procurement process and all of that so I think what we need to understand is that procurement of your traditional ID Services is and products is way different than web3 because this is innovation this is innovation right this is not something that you are buying you have to be part of that Innovation right so that's why

these procurement challenges are I totally agree with you that that happens and coming to the life cycle of you mentioned the procurement life cycle in an Enterprise what I feel is that from a technology point of view and from a business point of view I think there are these are two different things right so we have seen a tech breakthrough we are seeing Tech breakthroughs every day uh with with the changes that we are seeing uh now what is happening on the business side of things is first there is a denial right so this is this technology is not going to work this is not going to uh you know add value to the Enterprise clients and then when when it becomes uh you know a bit more mature then Enterprise clients start get start using it for incremental uh you know advantages that they can get or these

are peripheral peripheral use cases for example a retained retail brand doing some nft drops to see how it impacts the customer engagement right or somebody doing a metaverse to improve customer engagement just dipping their feed uh while at the same time you know staying slightly away from the core of the business right and then there will be a point and it's it can come any day right so that point will be when you will have a business breakthrough where actually business model Innovations will change business models will change a business model Innovation is going to happen and once that happens then it becomes means people so I think from a business life cycle this is what I feel what's your point of view on that I think you know yeah I I think yeah you're right commercialization is very very difficult because most of the time

you're talking about data sharing like you know between different organizations and how do you actually come up with a a proper governance structure for for data and then we're talking about use cases that are not that mission critical now you get into Financial Services like C5 traffic sorry sorry treadfy moving into different uh applications of web3 then it gets even more complicated right you talk about real world tokenization of assets it's also very complicated because the legal structures different jurisdictions have different rules um so I guess maybe I spin the question back you know given I'm not sitting here there's gonna be so many difficulties but from your perspective which sectors

which Industries do you think are set to gain in a place like Vietnam or just in Southeast Asia in general from DLT blockchain on on polygon so uh so I think from a use case and Industry perspective I think social networks are going to gain immensely here we have seen that in the earlier Innovation Cycles also that in Southeast Asia specifically social media is one social network social networks is one such use case uh which really catches on very very fast here second piece is going to be around crypto payments and this crypto payments can be uh you know cross-border payments or having stable coins for payment of taxes in the cities for example right so something very similar is being done in

city of London social and where we are working with them for uh for creating a stable point for luga and enabling crypto payments for their taxes uh and local food yes yeah okay yeah yeah so I think I think these two areas and of course I think from purely from a cultural point of view I think nfts are going to be a you know a really important piece of mainstream adoption here okay so you you mentioned Lugano stable coin can you talk more about uh project Orchid or even the most recent news JP Morgan Ave Arc polygon uh in the D5 activity with Mas yeah so I think uh so this happened during Singapore Fitness Festival so project

Orchid a pilot of project profit was launched so essentially what it was it is a purpose-bound money so basically you can use that money for specific purpose it's a it's a flavor of retail cbdc if I were to put it that way uh so this was a project which was developed by straight sex and there was a partnership with grab so uh and you know it was built on polygon so you will be airdrop some of some of that money and you can use that money and grab Merchant Apple will accept that uh within the festival so it was distributed to over 5000 people there and it was it was so exciting to see uh action happening there right right in front of your eyes here right so you talk about cbdc's you talk about you know all of these stable

coins and all of that in there everybody who was not even involved in crypto in any way they were experiencing that on their phone browsers like they don't even need to download any wallets and all of that so I think that user experience was really really strong uh and from that what I feel is that you know irrespective of all the complexity that lies behind at the end of the day it's it's going to be a very simple user application and that's what we see we saw in Singapore fintech Festival when this project pocket was piloted there on the other hand JPMorgan DPS trade that was done there so I think that's that's that's that's on the other other end of this uh this spectrum right so that's something which is which is highly technical highly complicated from a regulatory perspective uh you know

highly highly critical right so but but I think that will pave way for these bigger institutions to start uh getting into web 3 and crypto more yeah also also uh Singapore fintech Festival we also announced in Partnership a polygon and roleplay FIS a launch of a note operating on on polygon so Financial financial institutions traditional financial institutions are really looking at payments as a significant use case when it comes to being able to scale up on the ethereum ecosystem via polygon so definitely lots of different activities there I think also on the bcw side we

see a lot of stable Point activity in Hong Kong we're working with the Hong Kong monetary Authority now to come up with several retail use cases when it comes to retail cbdc so really excited to see where that goes you know Hong Kong itself as a financial services Hub has always really focused on the wholesale side of cbdc with project Enbridge and project line Rock most recently starting to kind of move into the retail cbdc space so really excited about that so hopefully you know we can talk about Lugano hkma e Hong Kong dollar which you think are going to engage the

end customers much more than let's say a whole series yeah so look if you go into something from Enterprise side that could actually reach go far-reaching um companies that do activities in a very closed ecosystem today for example Airlines right Vietnam Airlines or uh Jet right so you have an entire ecosystem from people to Flight Services to ticketing to management of the assets themselves for for for the airplane uh into catering and cargo and a whole bunch of other stuff pilot certifications for safety that's where blockchain can really really benefit that ecosystem and then when you start

having a system where Airlines speak with other Airlines frequent airports speak with public transportation systems on the government side that's when you get digital identity increase stable coin adoption and then also just overall Oracle services that provide a more intelligent data back into back into the city of the bridge or everybody to benefit and then you can start building other layers of services around like ESG uh around uh loyalty and various other use cases that we talked about earlier so you know as you mentioned beard jet so we did a really funny test with the third busiest airport in India Bangalore airport so where we just launched a metaverodes experience right yeah so that's that's really cool

so they have launched a new terminal and we created a pistol twin of that terminal and then that so you can do a lot of social networking you can do a lot of treasure hunt and you can do there are retail there are going to be retail experiences there is going to be a Arts Gallery where local artists will put their art as nfts so uh so I think uh that is that is pretty interesting but if you look at the economic logic of that so there are three parts to it right the End customer they get better engagement because they are at the airport doing nothing for for most of the time uh the concessionaires or the shops are there but they get a steady flow of these customers which are you know tech savvy and they can have they can have curated offers for them and the

airport gets additional Revenue stream which never existed before right so now these concessionaires they can have you know they can lease out this space in the middle so I think that that has been pretty interesting experience for us yeah I I look I I think participation democratization um you know we hadn't even talked about future of Finance stuff yet so you talked about having multiple different revenue streams going to an existing traditional business in a digital and a physical layer so that's what real world asset tokenization right so uh one of the projects that uh you know we've been kind of involved with this is called Toco uh it's a wholly owned subsidiary by dla Piper a law firm uh founder sitting up here Scott Thiel and it is

built on not only ethereum but also polygon and it allows the tokenization of real assets so I think that's also another area where once we figure that out in the right jurisdiction whether it be you know Vietnam Dubai Singapore United States Hong Kong wherever UK I think that will drive a lot of TPS a lot of TBL uh in into the ecosystem so I'm just wondering your thoughts on that kind of long-term Journey uh for financial services yeah no I think tokenization of real estate real real world assets is definitely going to be a really really big use case and I am seeing that in multiple flavors like be it be it your

real estate be it your securities so I think that's that's going to be interesting and uh and it's going to really depend on the different regulations that that are going to evolve in this uh but yeah I think that's that's super interesting oh so hey what's what's next for uh polygon Enterprise I think I think we have we do we so we are we are being shown the timeout but I think uh for polygon we are we are working uh really hard on ZK Solutions uh ZK protocols so I think that's going to be interesting and then we are doubling down on making this very simple for Enterprise users uh so that so that we can bring that mainstream adoption as fast as we can awesome well if anybody has questions come find us afterwards thanks again

Arpin it was great chatting with you thank you Jeff thanks cheers thank you