Archive for the ‘Fintech’ Category

Post event analysis by for Blockchain Summit 2018, Singapore conducted by UNICOM

28 Feb

Singapore’s Industry Leaders Discuss the Future of Blockchain Technology at Unicom’s Blockchain Summit 2018

Held in a pleasant, intimate setting of Ramada Hotel’s Zhongshan hall, the Unicom’s Blockchain Summit 2018 offered a number of interesting talks on the current development in blockchain technology and emerging token economy.

Are we going towards AI-governed blockchains?

Hayk Hakobyan’s take on the issue of governance offers a big picture overview of the problem and outlines directions toward AI-governed blockchains that will eventually enable us to solve real-world problems such as e-voting and intelligent decision making.

He points out problems with traditional blockchain systems such as Bitcoin and Ethereum that are caused by asymmetries in incentives for system improvements between developers, miners and users.

In the case of Bitcoin, new developers are not incentivized to improve the system as there is little value for them in doing so. As a result, there is a potential risk of a small number of veteran Bitcoin developers gaining too much power and being susceptible to bribery or being responsible for slowing the technological advancement of the Bitcoin ecosystem. At the same time, there is a risk of miners gaining disproportionate power over the system as well since high-volume miners are a small, concentrated group.

Ethereum plans to transition from PoW towards PoS system of governance. The system based on PoS addresses the possible centralization risk and the risk of disproportionate power accumulation observed in the Bitcoin network. However, the system is still overly reliant on Ethereum’s creator and there are few ways for incentivizing core system development.

New types of chains offering on-chain governance are emerging:


Similarly to Ethereum, Tezos is a smart contracts platform. However, it also allows protocol upgrade through on-chain governance. The core idea behind Tezos system of governance is to incentivize developers (or anyone for that matter) to propose protocol changes. The developer submits a proposal for protocol update and at the same time requests compensation for their work. In effect, the power dynamics shifts toward the users and away from miners and core developers. In order for the suggested protocol changes to be implemented Delegated Proof of Stake (DPoS) consensus model comes to play, whereby token holders can choose delegates to represent their votes.


Dfinity offers similar system of governance as Tezos with the added possibility of applying changes retroactively. This essentially means that, apart from protocol updates, users have the power to back-edit the existing ledger when necessary. This is particularly useful in case of cyber-attacks.

Taking a step further, Hakobyan discusses other theoretical concepts of governance (such as Futarchy, Liquid Democracy and Quadratic voting). He also proposes that a combination of AI and blockchain technology could potentially mark the beginning of entirely new paradigm: maximizing security while remaining immutable by employing AI agents to govern the chain.

Governance 2.0
A system of governance whereby coordination, incentives and decisions (including consensus) will be governed according to proven AI models.

Governance 3.0
Combination of blockchain and AI technology contributes to the development of direct democracy, such as in global transfer of large amount of data or tracing e-voting procedures. Moreover, in the line of the core idea behind the CAPTCHA project, where both human mind and AI collaborate on a large scale in order to digitize old books and scripts, PoW protocols can be designed to contribute to the common good and wealth of humanity.

Photo Gallery from the Unicom’s Blockchain Summit 2018 in Singapore

Upcoming conferences from UNICOM:


FinTech Summit Mumbai 2017

08 Aug

Conference, Summit
Global investments in Fintech more than tripled in 2014, reaching more than $12 billion. In comparison, banks spent an estimated $215 billion on IT worldwide in 2014, including hardware, software, and internal and external services.

Payment space:- This has been most challenged by tech-driven new entrants. Mobile Internet and smartphone penetration have been a game changer in consumer and SME finance and payments.

Marketplace lending or P2P lending:- It offers online platforms to match borrowers and lenders with the aim of lowering the borrowing cost for borrowers and increasing returns for lenders. Marketplace lending has been around for over a decade but has only seen a take-off in growth over the last few years.

Fintech summit will address advances in

1. Payments
2. Marketplace lending or P2P lending
3. Cyber Security in financial transactions and data
4. Next Gen Banking using
4.1 Blockchain
4.2 Personalised & Structured Platforms
4.3 Government’s vision to go less cash
4.4 More Phone Less Card
5. Digital technologies for Rural
Fintech Mumbai

What is ‘Fintech’
Fintech is a portmanteau of financial technology that describes an emerging financial services sector in the 21st century. Originally, the term applied to technology applied to the back-end of established consumer and trade financial institutions. Since the end of the first decade of the 21st century, the term has expanded to include any technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment and even crypto-currencies like bitcoin.

The term financial technology can apply to any innovation in how people transact business, from the invention of money to double-entry bookkeeping. Since the internet revolution and the mobile internet revolution, however, financial technology has grown explosively, and fintech, which originally referred to computer technology applied to the back office of banks or trading firms, now describes a broad variety of technological interventions into personal and commercial finance.
Fintech Summit (Conference)

New Tech in Fintech
In the olden days, individuals and institutions used the invisible hand of the market – represented by the signaling function of price – to make financial decisions. New technologies, like machine learning, predictive behavioral analytics and data-driven marketing, will take the guess work and hocus-pocus out of financial decisions. “Learning” apps will not only learn the habits of users, often hidden to themselves, but will engage users in learning games to make their automatic, unconscious spending and saving decisions better. On the back end, improved data analytics will help institutional clients further refine their investment decisions and open new opportunities for financial innovation.

No Comments

Posted in Fintech