by Jude Ayua, Associate

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The London Blockchain Conference held in London at the Queen Elizabeth II Conference Centre, 31 May to 2 June, 2023. Infusion Lawyer’s Associate, Jude Ayua, shares major highlights of the conference.

Arriving in London for an unforgettable experience

Having registered for the London Blockchain Conference online while in Cambridge, USA where I am currently doing my master’s program at the Harvard Divinity School, I arrived at the Heathrow airport, London Friday 27 May. This was my first visit to London, and I was excited, not only about the conference, but also the opportunity to explore the city. As my feet touched the ground at 7.05am, I was looking forward to an unforgettable experience. And I was not disappointed attending the conference; the London Blockchain Conference was indeed a memorable experience. I am certain it is the same for most delegates. 

I highlight below the keynote addresses, presentations, panel sessions, and exhibitions covering various aspects of blockchain technology, including blockchain education, policy, and regulations. I would like to imagine that these highlights will help provide some useful insight to the reader, whether a player in the blockchain industry or just a keen observer.

Navigating the Seas of Innovation: Charting the Course to Transform Hurdles into Triumphs – Kenneth Braithwaite

This was the keynote address for Day One. Braithwaite shared leadership insights for innovators in the industry. Beginning with a story about his grandfather, a veteran of the second World War (WW2), he highlighted key leadership principles:

• Leadership is about inspiring others. 
• Your commitment is to the people, as in the Navy, the ship is the most important thing.
• You as the leader are an important part of the bigger picture, but you are replaceable.
• Culture is important in every enterprise.

Braithwaite concluded by emphasizing that the essence of leadership is captured in these lessons, especially the aspect of aspiring people. 

Understanding the Evolution of Web3 and the Impact of Transformative Technology in the Finance Sector – Lars-Jacob Boe

Boe explained what Web3 is and why it is relevant, noting that it is in the formation stage, and that Blockchain is a core part of Web3. He also emphasized that Blockchain is here to stay and financial institutions, especially banks, should take it seriously. Importantly also, there should be no fear of innovation and disruption: “You will either disrupt or be disrupted, depending on your action” he said, concluding that “You should act now!”

Using Bitcoin to Build a Business – The Unilateral Contract 

This session was facilitated by Marcin Zarakowski (Ex. Cmtt. Member, Bitcoin Association), Connor Murray (Dir. of Stewardship, Bitcoin Association), and Dr. Craig S. Wright (Chief Scientist, nChain). They explained the idea of a unilateral contract, which is that it is an offer made to the whole world, and the fulfillment of which is binding on the offeror. They explained the Bitcoin whitepaper is one of such contracts. Dr Wright made a shocking revelation that “There were other cryptocurrencies before bitcoin. People don’t want to admit this. The only problem is that they failed.” What distinguishes bitcoin is its stability, scalability and the idea of decentralization, derived from Karl Marx’s concept of equality and communalism. Therefore, businesses leveraging the Bitcoin technology should build with these features in mind.

How Your Business can Leverage Bitcoin – Brendan Lee

Lee shared that the key to leveraging bitcoin is understanding how it is applied. Businesses should:

• Realize it is more effective as it is deeply integrated into an application
• Start small and think big
• Be assured of bitcoin being “secure and private.”

He emphasized that businesses in the Blockchain industry should rethink their motives and “Start thinking about bitcoin as a way to add value to your business and to your clients, beyond an asset that you simply buy and keep to sell later”. 

Blockchain as the Backbone of Artificial Intelligence and the Internet of Things – Alessio Pagani, Latif Ladid, Daniel Diemers, Satya Gupta, Michael Elliott 

The panel shared their thoughts and insights on the interconnection of AI, IoT, and the potential of Blockchain to revolutionize them. In the case of IoT for example, Gupta shared that Blockchain should solve the problem that IoT has: security and trust, and should also become the communication platform for it. On its challenges, Gupta pointed out two: the disconnection between developers and the users, and inadequate information and understanding of the system. He shared an example of De-Wi (decentralized Wi-Fi) in India which failed because of public opinion. On AI, Eliot noted that AI is all about data; “Data must be accurate,” he said, and that only Blockchain enables that. 

Regulation

The Conference featured discussions on the engagements of governments with the Blockchain industry in different regions and countries, including how they are applying blockchain to governance and how they are regulating the industry.

• Regulatory Frameworks for Digital Currency in Europe: Yves Mersch (Member of the Executive Board,  European Central Bank) led the discussion on current and pending regulations in EU, UK (Fin Servs & Markets Bill, Markets in Crypto Assets (MiCA), UK central bank digital currency) and what this means for Blockchain, Cryptocurrency and Web3 adoption.
• It’s time for regulation to enable the growth of blockchain and digital currency: Becky Liggero (Reporter, Producer, & Host, CoinGeek), Ben McKenzie (Actor & Author), and Bryan Daugherty (Public Policy Director, BSV Blockchain Association) discussed the regulation of digital currency and the role governments play, what the digital euro and digital pound means to the governments.
• Regulation: What is Needed to Retain Customer Confidence Amidst Scandals Across the Industry? Konstantinos Adamos, Pawel Kukwoski, Nick Jones, and Andrei Kirilenko discussed how regulation is helping the industry. One important point was, considering when regulation is necessary, and Kirilenko said among other things that it is “needed around: where exchanges touch customers’ funds and misappropriate them, and when they give customers advice.”
• Digitizing the Philippines – The Golden Digital Era: A delegation of government officials from the Republic of the Philippines presented on how the government of the Philippines is revolutionizing their systems and institutions using blockchain. Some of the key systems include electronic filing for visas, payments, invoices, and doing business with the Securities and Exchange Commission of the Philippines.

Education

Blockchain Innovation Programme: Changing Lives Through BSV Blockchain. A panel of industry experts and government officials emphasized the importance of educating the public about Blockchain technology, which is what the BSV Blockchain is doing in various countries across the world. Lise Li (CEO, Shanghai Keyi Technology) noted that “[s]ometimes there is an assumption of the knowledge of Blockchain. Education is key to understanding this technology.” Reginald Tumuslime (Founder & CEO, Capital Savvy) said, “[t]here is a false assumption about the real essence of the BSV Blockchain which was intended to be used for cash.” Dr Usman Abdullahi (Director of Information Technology Infrastructure, National Information Technology Development Agency—NITDA, Nigeria) shared information about the work that Nigeria, through the NITDA, is doing in advancing blockchain education and adoption in the country. “We want Nigeria to be the emerging technologies hub for Africa, and for us, partnership is key for us. That is why we are partnering with BSV Education,” he noted.

Spotlights

There were several spotlights on certain innovations in the industry by affiliate companies in the BSV Blockchain. 

• How Blockchain is Revolutionizing the Fight against Counterfeits: Manufact’s tracking solution to solve fraud in manufacturing using the BSV blockchain.
• Mintblue & Blockchain Smart Wearables: Mintblue provides services for electronic invoices, immutable storage, identity authentication (eIDAS), for transparency and impact.
• Centi & the Swiss Franc Stablecoin: Centi provides services used by Swiss Bank for guarantee, which is suitable for micropayments, and direct to consumers, solving the problems with (traditional) payment processing: time, channels, security.
• Revolutionizing Information Security with Blockchain: Introducing CERTIHASH Sentinel Node, a hack detecting software that instantly alerts the user of an attack. 
• Bitcoin-based Smart Legal Contracts Built for Financial Derivative Trading. 

Conclusion

The London Blockchain Conference was engaging, insightful, enlightening, and a great platform for learning and networking. It was impressive seeing how much impact innovators are making while leveraging Blockchain. 

One of the best parts for me—especially as a member of the Blockchain & Virtual Assets Practice at Infusion Lawyers—is seeing how the firm’s leading work in the emerging blockchain space helped me understand and better appreciate the blockchain ecosystem, from both a local and global perspective. Perhaps more than ever before, I’m now even more excited to work with more local and global brands in the space! 

To watch the recordings of the conference, it is available here on demand. Pre-registration for the next London Blockchain Conference is already open. I personally look forward to it.