Cover How AI, along with blockchain and Web3, are changing how trust is built, moving away from centralised systems (Photo: Getty Images)
How AI, along with blockchain and Web3, are changing how trust is built, moving away from centralised systems (Photo: Getty Images)
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AI, along with blockchain and Web3, are changing how trust is built, moving away from centralised systems. Joseph Lubin, a co-founder of Ethereum and the founder of Consensys, weighs in
Societies have long relied on centralised institutions—governments, banks, corporations—to facilitate trust.
These entities have historically managed records, authenticated transactions, and facilitated interactions. While effective, this model has also led to inefficiencies, data discrepancies, and the concentration of power in the hands of a few.
In 2009, the emergence of blockchain technology, introduced by Satoshi Nakamoto, marked a paradigm shift by decentralising trust. Today, alongside blockchain, artificial intelligence (AI) and Web3 are revolutionising economies worldwide. In regions like Asia, these innovations are creating pathways for financial inclusion, transparent governance, and technological sovereignty.
Joseph Lubin, co-founder of Ethereum and the founder of Brooklyn-based ConsenSys, shares insights on how these technologies are shaping the world, with a particular focus on Asia, where digital adoption is accelerating at an unprecedented pace.
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Above Joseph Lubin is a co-founder of Ethereum and the founder of ConsenSys (Photo: ConsenSys)
Joseph Lubin is a co-founder of Ethereum and the founder of ConsenSys (Photo: ConsenSys)
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Redefining trust
Unlike traditional financial and institutional systems that rely on centralised oversight, blockchain functions as an immutable, transparent, and publicly verifiable ledger of transactions. Ethereum, one of the most advanced blockchain ecosystems, enables programmable and permissionless financial services, reducing the need for intermediaries and streamlining complex processes.
Meanwhile, the current internet landscape (Web2) is dominated by corporations that collect, manage, and monetise user data. In contrast, Web3—built on blockchain—aims to return control of data and digital identities to individuals. This shift, described as the “re-decentralisation of the World Wide Web”, eliminates intermediaries, allowing users to store and verify their digital presence autonomously. Cryptographic security ensures data integrity, while decentralised networks empower individuals and businesses with greater ownership and monetisation opportunities.
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Why Asia, and the Philippines, should pay attention
The blockchain revolution holds particular significance for Asia, a region experiencing rapid digital transformation and grappling with longstanding trust issues in institutions.
“About 80 per cent of global respondents believe Web2 companies hold too much power,” says Lubin, citing a recent ConsenSys survey. “In the Philippines, less than 46 per cent of respondents trust their own Internet Service Provider, and over 75 per cent say they need greater control over their online identity.”
This sentiment underscores the region’s readiness for Web3 adoption. Lubin highlights the Philippines’ young, tech-savvy population, widespread mobile internet usage, and strong remittance economy as key factors making it a prime market for blockchain-based solutions.
“In the Philippines, where 96 per cent of people are aware of cryptocurrencies, Ethereum and Ethereum Layer 2 rollups offer faster and more affordable cross-border payment and remittance solutions. Similarly, the region’s large unbanked population stands to benefit from blockchain-enabled financial inclusion.”
Financial inclusion through DeFi
Above Photo: Getty Images
Photo: Getty Images
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Cryptocurrencies such as Bitcoin and Ethereum are unlocking new economic opportunities, particularly for the unbanked.
“Crypto has the potential to transform payments, remittances, and shopping in the Philippines by addressing inefficiencies and promoting financial inclusion,” Lubin states.
Decentralised finance (DeFi) platforms provide individuals with access to financial services through blockchain-powered digital wallets—without the need for traditional banks. Lubin emphasises that “we are building a future where you shouldn’t have to trust an institution to access your own assets.”
With over 50 per cent of crypto-aware Filipinos already owning a Web3 wallet, blockchain-based financial solutions are gaining traction. As regulatory frameworks evolve, blockchain’s ability to facilitate secure, peer-to-peer transactions can help bridge financial gaps in developing economies.
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Blockchain’s role in digital governance
Above Photo: Getty Images
Photo: Getty Images
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In countries where trust in institutions is fragile, blockchain’s potential extends beyond finance. Its transparency and immutability can enhance governance, security, and operational efficiency.
“For millennia, centralised trust operated top-down, with authorities relying on intermediaries,” Lubin explains. “Blockchain changes this dynamic by enabling trustless, transparent interactions.”
By integrating AI with blockchain, governments and businesses can create more secure and efficient systems. AI-powered fraud detection on blockchain networks can prevent financial crimes, while smart contracts can automate bureaucratic processes, reducing opportunities for corruption.
In the Philippines and across Southeast Asia, blockchain-powered voting systems could strengthen electoral integrity, and AI-driven supply chain tracking could enhance transparency in trade and manufacturing. “Decentralised systems empower individuals to control their data, digital identities, and assets, particularly in regions where trust in centralised institutions is low,” Lubin asserts.
Regulation and adoption
Despite its potential, widespread blockchain adoption in developing economies presents challenges. Regulatory uncertainty, lack of education, and risks such as fraud remain pressing concerns.
“Because Web3 represents the future of internet technology, Filipino regulators must craft policies that allow blockchain innovation to flourish,” Lubin advises. “At ConsenSys, we advocate for smart, flexible regulations that evolve alongside technology rather than rigid frameworks that stifle progress.”
Collaboration between regulators, industry leaders, and stakeholders will be key to ensuring that blockchain and Web3 can be integrated responsibly while safeguarding users from risks.
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A digital renaissance for Asia
Above Photo: Getty Images
Photo: Getty Images
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Asia’s emerging economies stand at a turning point. Blockchain, Web3, and AI have the potential to redefine economic structures, increase transparency, and empower individuals. With its high mobile internet penetration and digitally literate youth, the Philippines is well-positioned to lead this transformation.
Lubin envisions a future where “you shouldn’t have to trust an institution to ensure access to your own assets.” As adoption rates rise and regulatory landscapes adapt, blockchain could serve as the backbone of a more inclusive and efficient digital economy.
He asserts that Asia’s developing economies have an unprecedented opportunity to skip traditional financial and governance models, paving the way for a more equitable digital future.
Syrah is Tatler Philippines’ Power & Purpose editor, where she spotlights extraordinary journeys shaping the Philippines and Asia. She covers business, innovation, impact, and culture—chasing the people, ideas and forces shaping how we live and think today.
