Centralized Wisdom, Decentralized Power | European Blockchain Convention 9

[Music] 3 2 1 go hello good afternoon everybody the nice lunch nice weather make us little bit sleepy and the are going to deliver a subject centralized wisdom and the decentralized power oh okay the uh first I'd like to deliver some numbers logist the statistic way back in 204 Web 2.0 was launched staggering numbers achieved in 2019 because of situation demand the lockdown the lockdown forced everybody to start download the apps and the interact with the e-commerce The Staggering numbers goes up to 5.16 billion or 64.4% of the global population and they come to the uh web three and decentralize there is 75 million population as of now is being engaged which represent barely 0.93 75% and out of that 20 million population of Muslims adopted the are the web3 and blockchain representing 1 05% that's interesting the the growth rate the interest generated by the Muslim population as compared to the rest of the world the reason is simple the famar comfort and the understanding the principle of decentralized and blockchain is well fitting to maasik Al Sharia means that today's subject is relevant to discuss because we are going to talk about centralized and the are centralized when we talk about centralized we are facing skepticism the mistrust anonity and enforceability and the as centralized when we say we're used to it so today i' like to bring you a subject the paradigm shift that Tak taking place unfolding right before our eyes and the changes the shift the shift on the centralized control system to decentralized empowerment without the sacrifying the centralized repository of wisdom to the uh blockchain governance what does it mean we have bottleneck in the centralized system as we know centralized system being control topdown approach top down approach means all the wisdoms and knowledge are always at the top and they that descend to the single point of the instructions and execution that give you about the next situations and SU suceptibility to the corruption very often we face that when a group or handful of people are at the top and the when they have making decision in single point of entry that also bound to have this situation and we all know centralizations means lack of demo democracy because you it's decision is made from the top and the the at the top the the wisdom is always at the top knowledge is always at the top so that decision making is is is the always not a democratic level just like decentralized that we talking today and lastly INE inefficiencies as you aware the many government financial institutions central banks alive we have many database many ledgers individual ledgers they are not working in one single ledgers or just like Oracle so if you want to execute something it's found to be inefficient because of multi- lgers that manage by centralized environment and the uh Advantage is granted which we have to remember the decision making is always based on the collective of intelligence which is make us very used to it hundreds over years we are under the centralized system we used to it everything government financial institutions and the central banks used to it we walks under the central wisdom centralized wisdom we must remember that this is being a system so the changes that taking place we cannot let this forgetten and the system is more resistance to the uh manipulations because many the are the SOP and the are the many the are the pro presedent of the 100 Years of knowledge and wisdom is always supported to have a less in inci in that and the are potential buyers are they are very much minimized in centralized so this the whole worldall the whole Hall today I I hear from everybody we are talking about beish we are talking about how difficult Central authority to adopt the decentralized and we are talking about when the crypto will be effectively used I hear that 10 years ago and today we still talking and the reason is we need we have failed to find at the Gap to narrow the gap between the centralized Authority centralized wisdom and the power of blockchain today so rise of the blockchain a technology that promise the decentralized security and transparencies and the uh how do we manage the blockchain to be decentralized World which doesn't to which ensure that we don't go into chaos the answer is lies on the this message it is lies on the centralized wisdom of the technologically today I like to share with you is called centralized the is called it concept of identity what does it mean concept of identity concept of identity when we talk to central banks and authorities last three years ago we Endeavors they always the challenges the disconfort decision making we cannot be sacrified to be Democratic decisions at the at the base and the another challenge is that the our datas our Transitions and the uh in this transition per period will appear it will appear on the uh what you call it the uh public ledgers the are the S Central Bank we are not used to public ledgers we like to have the that that Central Authority some confidentiality when you can identify in ledgers also not comfortable because we do not have privacy so the are today what we trying to achieve in to bridge the gap between centralized Authority and decentralized environment the message is clear we need to have the the Comfort the the arrangement where central wisd centralized wisdom can meet the Power of decentralize so blockchain have these problems we have voter apathy we have the the lack of the numbers still yeah the are the because of the the system that we used to it and and we have technical barriers the are where we talk about blockchain it is not at anybody's subject especially in centralized environment and the uh as we speaking my grandson is playing web Tre he's playing the oh by the way I'm a 62 I'm a grandfa blockchain guys the uh the my grandchild are playing the fortnite you may be surprised your kids at home are already in web Tre that changes it's a iment that changes I believe it will become sooner than later unless we had to bridge the gap which is to recognizing centralized wisdom what is it the knowledge then expertise that they have at the top to be able to operate the decentralized environment that doesn't mean they have to sacrify they have to just let go they are decent centralize the that wisdom they have to centralize sorry that power they don't have to decentralize their Authority their knowledge and the wisdom only got de centralize your Democratic rights and the other there will be a bridge so concept of identity that we're promoting today is very critical for the next phase means we want to be we have to be decentralize we don't want to be seen we don't want to be kyc we don't want to be anti-money laundering you cannot touch that subject you can say I don't want to be kyc for privacy but you cannot touch the subject that I anti-money laundering because that could lead to the quite a serious situation so to find the right balance between the centralized system and the decentralized empowerment we need userfriendly tools to the uh encourage the participants that's what we did and the today we proud to share that the we are in the advanced stage of the launching cbdc in Malaysia to get to that is break through this three principle we make a user friendly too and we clear the communication channels and the way wisdom can be shared and access and the we need collaboration with your regulatory bodies to ensure that we are building on the solid foundation and we got to give a message as we step into the future Les we all remember decentralization empowers but centralization wisdom guides if we can accept this approach just like we did with Malaysia's Central Bank to launch the cbdc I think the rest will follow suit with that I'd like to thank take this opportunity to thanks all of you and thank