“We are still at the infancy stage, just like the internet in 1995,” said Anson Zeall, chairman of Association of Cryptocurrency Enterprises and Startups (ACCESS).
Bitcoin, a universal digital currency, shot to fame in 2014 but unknown to most laymen, the blockchain technology is behind it all. It is a system that allows virtual transfer of value, in any form, without a middleman.
According to Anson, countries such as China, Japan and the United Kingdom are heavily invested in the technology. While Singapore may lag behind these countries, it has been the most progressive back in the ASEAN region.
United Overseas Bank’s “The FinLab” incubator and the Monetary Authority of Singapore’s 'sandbox', where regulations are lifted for FinTech experiments within a well-defined space and duration, are just a few of the many platforms for blockchain entrepreneurs to innovate.
Sustaining Interest
Finding local talents to become trainers or join blockchain companies seems to be the biggest challenge. Anson observed that 80 per cent of the workshop attendees at ACCESS are new, even though it is complimentary for recurring participants.
“Every new technology comes with a lot of scepticism. People tend to think it’s a scam or it’s too complicated. I would say the blockchain industry needs more marketing.
“Blockchain is what most classify as cutting edge. It may take a few more years for mainstream jobs to be created. But, we work with the U Associates to pave the ground work so that when the industry is finally mature, we have already garnered enough public interest,” he said.
The ex-hedge fund manager, who started his own cryptocurrency remittance company at the age of 31, also urged professionals, managers and executives (PMEs) not to be intimidated by their lack of technical background. Moderating a panel discussion as part of U PME Week on 20 March 2017, he said that banking, finance and user experience design are some of the skills that are transferable to the blockchain industry.
Moving forward, ACCESS will be cross-collaborating with U Associate members such as the Singapore Computer Society and Singapore FinTech Association to develop technical courses and spread awareness.
Thriving & Evolving
One Bitcoin, which set Anson back by $98 during his first purchase in 2013, is now $1428. It is no wonder that he is still expecting a continued double-digit growth in the US$20 billion cryptocurrency industry.
More investors are seeing the cybersecurity, speed and cost advantages that blockchain technology brings. Blockchain’s decentralised nature prevents data theft through hacking of one location and its transaction history gives greater transparency.
What’s more, the potential is limitless, as transactions broaden to include non-monetary data transfers. For instance, numerous applications have been developed using blockchain for cryptocurrencies to represent assets such as stocks, properties and contracts.
Identification is one of the key growth areas. Licenses, academic certificates and other authorised documents are increasingly being produced using the technology.
“It protects them against the ravages of time. An organisation you know today may not exist in a decade’s time. The information in your account will never be misplaced or contested. It can also be updated,” explained Anson.
Insider's Guide
Association of Cryptocurrency Enterprises and Startups (ACCESS)
Established: 2014
Became an NTUC U Associate in: March 2017
Did You Know: ACCESS is now promoted as the “Singapore Cryptocurrency and Blockchain Industry Association” to expand education and advocacy efforts towards the underlying technology. With over 53 members in over 20 companies, ACCESS covers about 90 per cent of the local blockchain industry.
For more information, visit www.access-sg.org.
