BAKU, Azerbaijan, September 10. The ball is rolling on the first day of the Chain Reaction 2024 forum in Baku, Trend reports.
The crux of the event revolves around blockchain, Web3, artificial intelligence, and digital assets.
The first day will feature the following panels: "Diving into the digital and metaverse economy," "Crypto leading innovation in digital finance," "Crypto Capital: How Switzerland is transforming into Europe's digital asset leader?", "Blockchain utility: Where do governments & enterprises see value in the technology", "Creating an integrated innovation ecosystem," "Leveraging AI to enhance organisational productivity," "State of the crypto market; What is the driving factor?" as well as presentations themed "How banks are transititioning from Web 2 to Web 3" and "Web 3 driving change in fixed income".
A leader in the advisory sector at EY, Mohammad J. Sear, shared his insights into the digital economy. He explained that there are two primary types of digital businesses.
"For me, the digital economy encompasses businesses that emerged and operate exclusively in the digital age, which did not exist before. When we talk about 'digital' and IT, these terms are often confused and used interchangeably. Many so-called 'digital strategies' are actually just IT strategies dressed up in a more fashionable term. But the true digital economy is something new, a development that has transformed our approach to business in the online space. It affects how we consume information and interact with each other," he said.
Sear identified two main types of digital businesses: pure digital companies and digital hybrid companies. He cited Netflix as an example of a purely digital company, noting how it revolutionized the content market by offering a new business model based entirely online.
In contrast, he described Uber as a digital hybrid company, which operates in a digital space but provides physical services.
The CEO of 4SIM Azerbaijan, Fariz Jafarov, discussed the country’s efforts to advance its digital economy.
"We started developing a digital economy strategy for Azerbaijan last year. It is now complete, and we have identified over 50 major initiatives to be implemented by 2030. These initiatives aim to enhance skills, modernize infrastructure, and digitalize businesses within the 'Industry 4.0' framework. We are also preparing to introduce major AI language models in Azerbaijan," he stated.
Jafarov outlined plans for extensive investments in continuous citizen education, digital transformation programs for 650 companies, and collaborations with universities to create a major next-generation technology center in Azerbaijan.
Additionally, he highlighted Azerbaijan's role as one of 22 countries hosting a Centre for the Fourth Industrial Revolution (C4IR), reflecting its active participation in the World Economic Forum.
The Chief Marketing Officer at Binance, Rachel Conlan, emphasized the importance of education in the digital assets and technology sectors.
"We have discussed with the Azerbaijani Ministry of Economy that education plays a crucial role in the digital asset world. It is not just about attracting more people but also helping them understand how to safely and intelligently enter this market," she noted.
Conlan stressed the need for building long-term ecosystems and preparing individuals for future challenges in the digital asset space. She also highlighted Binance’s commitment to innovation and its efforts to accelerate the incubation of new businesses, shaping the future of both the crypto industry and the broader financial sector.
The "Chain Reaction 2024" forum will run for two days, featuring further discussions and presentations on emerging digital trends and technologies.
