Intro
The reading week tour was truly a fun & rewarding experience. I explored Taipei & South Korea, made new friends, and learnt much about Web 3.0 and entrepreneurship. I have been greeted with new facts and concepts: from (1) how a coin keeps the ledger of a blockchain accurate by acting as “carrot & stick”, (2) how stablecoins which are pegged to traditional currencies play a role in Defi, to the fact that, according to the sharing at Digital Domain Labs in Taipei, (3) a virtual human display requires the energy of approximately 2 laptops to run.
Although I did not fully comprehend every Web 3.0 concepts and mechanism, the exposure to current Web 3.0 solutions has broadened my understanding and has left me with plenty materials that acts as a starting point to delve further into the Web 3.0 world.
The meaning of Web 3.0 technology (& other surrounding technologies)
Coming into this course, Web 3.0/ blockchain technologies to me were largely confined to the field of finance. Accordingly, I was initially confused to the idea of employing Web 3.0 technologies in creating social solutions.
Throughout the course and the reading week tour, I came to value the vast use cases of Web 3.0 and surrounding technologies, and the seemingly limitless possibilities they might bring in the near future.
Particularly, Mr. Joe Park’s believe towards blockchain technology struck a lasting impression. In his sharing in SNU, he propounded that Web 3.0 should be a social infrastructure driven by the Government for public good. He defined blockchain as “a technology that allows individuals to have control over their data & utilise it”. Mr. Park’s convictions are clearly shown in his journey, where he turned down a 400M USD deal and later developed the world’s first mobile vaccine pass COOV. His sharing changed my perception of blockchain technology, how it could be used to bring about great public utility. For instance, the blockchain could be employed to innovate current government database such as iAM Smart to create a safe, secure data platform facilitating public services.
The same is true for surrounding technologies including AI and VR technologies. During the trip, I witnessed in Digital Domain’s Taipei Lab how virtual human could extend beyond the cinematic world and enter the world of hospitality. Dr. Lewis Chang’s sharing at NTU with how they revolutionise medical education using VR/AR technologies also impressed me, especially how students and teachers would both benefit from their teaching platforms.
Data Privacy: legislation in Hong Kong
Mr. Joe Park’s sharing on his ongoing project developing safe data storage led me to ponder on the issue of data privacy. Breakthroughs in AI technology in recent years has brought Data Privacy concerns to the limelight. Indeed, the current Web 2.0 paradigm where a handful of tech giants hold all our data is also unsatisfactory, as displayed by LinkedIn’s announcement of its default use of users’ data for AI. Notwithstanding existing laws such as the EU GDPR, there exist a need for us to reconsider the protection towards our data in light of future technological developments. This goes the same for Hong Kong, where there is an increasing trend for digitalising public service, such as the launch of Smart Play in November 2023. Yet, Hong Kong’s data protection legislation PDPO (Cap.486) lags behind international and technological advancements, with flaws including, inter alia, lack of a mandatory data breach notification requirement and lack of direct regulation against data processors. Despite LegCo recognition of these flaws and their proposed amendments, action has not been taken to put forth legislative changes.
That said, even with legislative reforms, issues with data privacy will likely persist, as enforcement remains a difficulty in regulating behaviours of different sectors. One could always find loopholes in legislation and evade liability, and legislation could only respond to changes, which leads to my next thought.
Law does not solve everything, technology might
Despite its inherent coercive power, law does not solve every societal issue. In contrast, technology has the ability to radically revolutionise the world. ISLE finance illustrated how blockchain technology could innovate existing solutions. I was astonished at their solution in tackling suppliers’ liquidity difficulties using Defi, smart contracts, and stable coins. Their solution allowed suppliers to obtain early payment, offered buyers discount, whilst providing investment opportunities, showing potential to radically change commercial transactions.
Simultaneously, I recognise from the tour that technology is not a silver bullet, and it carries with it underlying issues. The use of technology is equally, if not more crucial than the technology itself. Blockchains, are susceptible to attacks such as the 51% attack. Large mining corporations might dominate chains running on proof of work, causing chains to become less decentralised. Meanwhile, proof of stake chains might be biased towards those able to stake more coins. Equally, VR technology could cause prolonged screen time and at worst detachment of physical reality. Still, the solutions shown on the tour has shown me that, with careful designing, technologies can bring huge benefits on balance.
Beyond technology
I appreciate our visit to 甘樂文創, which brought in a different perspective from the course’s usual technological lens. It shows by example how technology is not necessarily required to bring innovation. By engaging underutilised resources, the masters in their case, and matching existing demands, they were able to revitalise the 三峽area, even using some of the proceeds to nurture local youths. Such a model is really inspiring as it shows that much can be done even with the lack of resources.
Personal gain
The tour has given me much thought about my own career aspirations. As of now, becoming a lawyer remains my preferred career path. After the tour, I am more curious than ever with the areas of law surrounding Web 3.0 technology. Last year, the CFI laid down in Re Gatecoin Ltd that cryptocurrency constituted a “property” and was capable of being held on trust. It will be interesting to witness how the law concerning these technologies will play out in the near future, there being no specific legislation on blockchain or cryptocurrencies as of now.
I have also gained a better grasp as to what it meant to be an entrepreneur. If I had learnt anything at all, it would be the fact that being an entrepreneur is HARD. Being able to distinguish oneself with other competitors. The constant struggle for survival. The pressure pitching in front of experienced VCs. And the endless doubt both from oneself and one’s teammates. All these I have felt during my preparation for the group project, albeit at a much much smaller scale compared to actual entrepreneurs I would imagine.
But I also got a taste of the thrill and sense of meaning in doing it, and I could tell that the entrepreneurs we have met during the tour and lectures are all passionate about the things they do. I especially admire entrepreneurs who are able to create an impact whilst enjoying the process.
Overall, I would say that the tour solidifies my stance towards becoming an entrepreneur: with the right people, with the right idea, and probably when I gain more real-world experience.
