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June 26, 2024

Avalanche: Revolutionizing Finance and Other Industries Through Blockchain Innovation

REDeFiNE TOMORROW 2024 offered another glimpse into the future of Blockchain technology. John Wu, President of Ava Labs, and Michael Briody, FX & Crypto Market Specialist of Bloomberg, engaged in a compelling discussion on the impact of Avalanche and how Blockchain is transforming finance and other industries.


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Get to Know Ava Labs


  • Ava Labs is a software and services company focused on developing and supporting Avalanche, a public blockchain platform.
  • Aiming to bring blockchain technology across diverse industries including traditional finance and enterprises beyond financial services, by emphasizing real-world utility.

Avalanche Launches "Avalanche Vista" Program to Invest in Tokenized Assets

  • The $50 million Avalanche Vista program was initiated to drive the development of tokenized assets by creating demand and providing liquidity.
  • John commented that regulatory transparency and credibility are crucial for the adoption of tokenized assets, which Avalanche facilitates through collaborations with various organizations and its customizable blockchain solutions.

Asset Tokenization is a Growing Trend.

  • Asset tokenization is not only a future trend, it's a critical driver in the present. For example, stablecoins, money market funds, gold, diamonds, whiskey and wine have all been tokenized.
  • John introduces the  concept of "Real-World Activity (RWA) Tokenization," which involves tokenizing daily activities. For example:
    • Loyalty points - Points accumulated from purchasing goods or using various services can be converted into digital tokens, which can then be redeemed for discounts, special services or even exchanged for cash.
    • In-game assets - Items obtained through gameplay can be converted into digital tokens, which can then be sold to others or used for trading within the game.

Challenges of Asset Tokenization and its Development Approaches

  • Key challenges in real-world assets tokenization include lack of demand, need for improved UI/UX, and regulatory clarity.
  • Despite the challenges, John believes that within the next 2-3 years, this technology will be widely adopted.
  • Ava Labs is addressing these challenges by creating DeFi solutions for financial institutions and fostering collaboration with certified entities.

Moreover, leading companies such as Wellington, T. Rowe, Apollo, JP Morgan and Citi have partnered with and started utilizing Avalanche, preparing for the upcoming demand inflection.

Avalanche Supports a Multi-Chain Ecosystem, Facilitating Collaboration Among Developers.

  • Avalanche is designed to support a multi-chain world through EVM compatibility and subnets, allowing interoperability with other layer-1 blockchains. This facilitates developers in building interoperable applications across different blockchains.
  • John compared the growth of Avalanche to the evolution of the telecommunications industry, demonstrating Avalanche's potential to create a more connected and user-friendly blockchain ecosystem.
  • He predicted that in the future, there will likely be only a few major players in the blockchain space, similar to the telecommunications and cloud service industries.

Building Trust in On-Chain Finance

Ava Labs  is working on proof-of-concepts with traditional financial institutions, testing the benefits of on-chain finance in a controlled environment. This aims to build trust and promote the convenience of using blockchain technology.

Fostering a New Era of CRM on Blockchain

Creating blockchain-based loyalty programs or rewards programs, can turn into an excellent CRM (Customer Relationship Management) tool. It helps brands to maintain relationships with customers and encourages greater engagement. Blockchain-based rewards programs enhance efficiency and security, beneficial to both the businesses and the customers.


The Future of AI and Blockchain


AI is not hindering blockchain's progress, John believes that Blockchain can help AI in verifying the source of information, promoting transparency within its ecosystem.

  • John believes that AI and Blockchain do not hinder each other's development,on the contrary, Blockchain will help AI to develop even better.
  • Enable the tracking of the origin of data and models used to train AI systems.
  • Provide a better understanding of the origins, reasoning and limitations of AI.
  • Leading to a more reliable and trustworthy AI system.

"Asia" Can Become a Leader in Blockchain Adoption.

The Asia region is rapidly adopting Blockchain and is leading the way in its implementation. Notable examples include "Nexon," a publicly listed gaming company, and "SK," a major South Korean conglomerate. The region is familiar with technology and has government support for Blockchain innovation.

Future Trends

  • John predicts significant developments in the next few years, with both the corporate and financial sectors playing key roles. The corporate sector may drive blockchain adoption in terms of the number of users, while the financial sector may play a crucial role in terms of value.
  • John emphasized that the key goal of using blockchain is to create benefits for businesses by reducing costs and promoting better processes, which will help reduce the complexities of complicated workflows.
  • The blockchain ecosystem is maturing over time, so it will be interesting to see how these developments unfold and impact the market.

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