The Future Blockchain Summit 2024 concluded today at Dubai Harbour, with the spotlight on Web3 and the future of connectivity. The event brought together over 1,200 investors, 120 exhibitors, and 150 speakers from more than 50 countries for its seventh edition, welcoming world-leading crypto, blockchain and Web3 experts to the city across the four days.
Moving from centralised to decentralised internet
In the opening keynote session, Don Tapscott, Executive Chairman at the Blockchain Research Institute,outlined the evolution of the web from Web1.0 to Web3, emphasising the integration of blockchain, AI, IoT and extended reality, highlighting the shift from a centralised internet toa decentralised one where users own and manage their data and assets.
He explained that blockchain “enables a whole new [data] stack for AI, where we can make AI decentralised. We can have decentralised computing, decentralised foundational models that could be open source, we can know the provenance of data – which would address the problem of AI giving false recommendations – and we can transform the apps themselves, putting them on a blockchain.”
He continued: “Blockchain needs the decentralised model of AI, and also the Internet of Things where the physical world is not only smart, but also communicates transactions, and where we have a view of virtual worlds which is decentralised and not controlled by powerful corporations”.
The importance of an identity layer – and Dubai as a global leader
In the following panel session, Christian Gleich, Ambassador of European Blockchain Association;Frederik Gregaard, CEO of Cardano Foundation;and Bader Al Kalooti, Regional Growth & Ops Lead for Binance MENASAT at Binance, explored blockchain and the future of digital infrastructure, including the importance of interoperability – especially for identity layers –the need for regulatory clarity, and the potential of passporting to streamline compliance across jurisdictions.
During the session, Frederik Gregaard argued that “what we need to have established on top of third-generation blockchain, to make the promise of future blockchains work, is an identity layer”, and that this identity layer must me interoperable because it doesn’t just belong in one tech stack.Asked when he thought blockchain will really go mainstream, Gregaard believes that when you can “connect physical assets to the blockchain is going to be the epiphany moment”.
The UAE has been leading the way in its approach to blockchain technology, which was reflected in the panel – Frederik Gregaard again said: “I think that what the UAE has been doing is really amazing…what they are saying is “how can we benefit from global collaboration?””. He also feels that the UAE has the potential to “bring together blockchain standard-setters, in what is currently a deeply fragmented macro environment.”
Scaling Up with AI Innovation for the Global Web3 Ecosystem in UAE
In an insightful conversation, a panel including Henrik Johansson, Head of Global Community at Sui Foundation; Wilhelm Neumann, VP of Communications at Toobit; and Belal Jassoma, Director – DMCC Ecosystems at Dubai Multi Commodities Centre (DMCC),took a deep dive into the challenges and opportunities in the Web3 space, particularly in the UAE. While the UAE’s relative regulatory clarity was seen as a competitive advantage, challenges including the need for better education and AI modelling remain.
Belal Jassomahighlighted the potential of gaming and traceability driving mass adoption of Web3 technology, the importance of regulatory sandboxes in driving Web3 innovation, and hackathons as another tactic DMCC has successfully deployed to encourage innovative companies to present their concepts.
Taking place in Dubai, Future Blockchain Summit 2024 has welcomed over 1,200 investors from a range of industry sectors, including blockchain and crypto innovation. These investors have come together to explore fresh business opportunities and engage with emerging trends shaping the ecosystem.
JT Law, Partner at IVC Fund, commented: "The Future Blockchain Summit has been very valuable from an investment perspective, with interesting companies from around the world in attendance. Over the four days, we’ve had an intensive schedule of high-level meetings that have helped us to connect with investors in the space and cover key topics around what’s happening and what’s coming next. Overall, it’s been a great opportunity to grow our network and address our investment needs."
The Future Blockchain Summit is an integral part of Expand North Star, powered by GITEX Global.Discover more at www.futureblockchainsummit.com/
