WA Web3.0 Learnings

I was at The University of Western Australia for WAWEB3 (WA Web3.0, Perth) two day event from 5th and 6th April 2023 last week...

It was beautiful event with loads to learn from all the industry experts and companies that have jumped into Web3.

Lets get started -

1. Data is core. There is too much patchy data. In case of health use case, the learning from speaker was Are patients ready and / or Stack holders are not ready????

2. Latin America, Africa and ASEAN are focus growth regions now.?

3. Huge Skill shortage in WEB3, DLT, smart contract developers and management both. 200K USD is what is getting paid for 1-2 years blockchain programmer.?

4. Public digital infrastructure is not there yet. Energy will be a big need going forward esp. green and renewal. We are very far away from there.?

5. SME businesses will be focus and there is a complete shift in supply chain. The Southern Hemisphere is completely changing from supply chain and it will change the global equation soon.?

6. Web3 4 fundamental pillars - Trusted digital identity of individual and/or business is first most important aspect to built web3. However the last mile security and trust is missing. this is something that Web3 needs to address. Interoperable of payment and transactions globally needs to be achieved. Crypto or Central based Digital currencies will be the way ahead.?Trusted data exchange and Citizen centric data consent is going to be prime value of web 3 and it is missing in web2.?

7. More..... Executing multiple transactions to single transaction will be super easy. Missing value is right now web2 we have ownership and transfer as two separate events (for example realestate land purchase) but with web3, ownership and transfer of value happens in one shot and instant. Day 3 will become Day 0.?

8. BSI report was quoted where 60% global economics is digital now and 6% is selling soil (esp for Australia) so we need to move into the digital economy now. It is high time. Also 30 million software engineers vs 4billion global task force. It is a too tiny and huge growth can come from this. 25% energy by data centres globally is getting consumed and it will increase to even more.?

9. Finance needs to be in 3 forms now - Embedded finance, Decentralised finance and Sustainable finance. Web 3 is the core to achieve this. From hub to trusted node that is how things will change.?

10. Nano tagging or molecular tagging, Perth IOT group is going some awesome work... Curtin university A2B (anything to blockchain) service is helping many businesses to solve their problems through blockchain and DLT.

11. Few Problems - Defi have problem in assets management and Oracle problem needs to be addressed. No data standardisation (quality, fidelity and security). Data trust is missing In Blockchain.

12. BOAT (blockchain with AI and IOT devices) are the great example of how Web3 can work well with support from Intelligent web (is going to be important and chatgpt is stepping in that direction) and IOT devices coming into play. Supply chain problems can be solved in a big way.?

13. From Singapore MAS Mr Mohanty shared some amazing insights as follows for how public infrastructure needs to be put in place to ensure SUCCESS is achieved in Web3 use cases.?

- Kyc and aml.is first thing

- Risk mitigation and management?

- Consumer protection

- Market integrity

- Financial stability

Above stack in ascending order. Australia needs to think above to get started.?

14. Austrade is cryptocurrency custodian and Digital Asset Bill is must read for those that want to get involved.?

15. Financial literacy for these complex crypto currency investment is must and there should be - Knowledge based test as a way to evaluate get access to financial products.?

My thoughts -

1. Data and Identity last mile security is missing in Web3. Trust on data source and transit data is a big question.?

2. Email (like google mail or offcie365) from web2 is everyone's core productivity tool. There is nothing like this in web3. Are we looking into hybrid WEB 2.5?

3. Web3 in complex and transition is hard. There is a a lot of regulatary and commercial aspects that need to be sorted out before.?

4. Energy will be a core problem for moving into web3.?

5. HUGE opportunities for startups and technologist (and surely the investors) in this next world.?

Personally for me, Cybersecurity for Web3 is the opportunity that we will be pivoting on.?