Events

When people hear Blockchain, many associates it with cryptocurrencies. In fact, there are loads of other useful applications of blockchain technology that are not only relevant to cryptocurrencies.

In a panel discussion hosted by the Blockchain Association Singapore (BAS) during their annual ASEAN+ Blockchain Meetup, the session entitled Beyond Cryptocurrencies: Blockchain Use Cases, experts from the industry shared use cases and industry applications of blockchain, providing participants with a glimpse of how blockchain technology can be applied daily.

Jason Lee, Global Head of Community Algorand Foundation started off with PlanetWatch, a network of people with air monitor devices that track air quality and use the infrastructure and its token as an incentive mechanism.

When asked how traditional financial institutions and other non-crypto players will react to blockchain, Steve Vallas, Managing Director of Blockchain APAC, revealed that during the early days, he was met with roadblocks and many stating, “We don’t use blockchain.”

Tan Bin Ru ( 陈敏如) Co-Chair (China & SEA) Blockchain Association Singapore echoed the sentiment that it is also the collective responsibility of blockchain advocates to educate the traditional players.

CEO of Coins.ph, Wei Z. explained that blockchain technology is especially hyped up due to NFTs. An example he shared was the recent anime-inspired NFT project by Azuki, which auctioned off eight golden skateboards that can be burned for “physical backed tokens (PBT) marking the start of a new era of interactive storytelling.

Jason concluded by saying that the trifecta theory applies to what makes a use case successful: the utility of being beneficial, the practicality that needs to work, and the community that drives the use case.