Bit Forum 2018 Summer – A New Future for Blockchain

The Bit Forum 2018 Summer

The Electronic Times, Korea Software Industry Association and DeCentre co-hosted the the summer blockchain event on June 21 at the Grand Conference Room in COEX. The mission of the event is to touch the the present and future prospectives of blockchain. Cryptocurrency and blockchain are the central technology of the 4th industrial revolution.

Bit Forum 2018 Summer, Samsung COEX

In the forum, Korea University Professor Kim Hyung-Joong, DeCentre CEO Lee Dong-Hyeok, Foresting HQ CEO Daniel Eom, Borabit CTO Kang Dae-Gu and Director Kim Jae-Pil from Jienem shared their opinions with brief presentations.

B21 CEO Simon Pearson, Park Song-Ho from Bingo Music held speeches on crypto space. Later in the seminar they introduced blockchain-based business models in terms of SNS, distribution and entertainment. Despite a series of long lectures, more than 200 blockchain enthusiasts attended the scene with an active participation.

Discussion on the blockchain prospectives

Kim Hyung-Joong, a professor at the Graduate School of Information Security of Korea University, had a chance to look at the history and future of cryptocurrency.

“In the near future, we will see people to win the Nobel Prize for their encrypting skills”,

he said with optimism about the industry’s potential for development. With a high probability, a variety of services based on cryptography will dramatically change our lives. Additionally, he defined the cryptography as a ‘bank’ per se.

“This is because transactions can be made without having to go through a bank by using a crypto applications. Currently, there are about 2 billion people in the world who do not have an access to banks. Crypto coins can give them a chance to trade. Moreover, a blockchain economic system is also a positive factor. “

On the other hand, there are tasks to be solved. In particular, there have been cases where the government failed to disclose ICO. Kim said,

“Since the market is still in its infancy, there are a few cases of conflicts with the related laws.”

Lee Dong-Hyuk, CEO of DeCentre, explained about crypto fund, a fast growing trend in investment sector. Crypto fund is a fund that designed for directing the capital towards companies that seek to attract investment in the ICO market. Crypto funds reduce the risk while investing in ICO. Lee also described how investors can have discount priority and can analyze their investments more closely.

“The perception of the encrypted currency is gradually changing into the concept of stocks. This indicates that there would be a stable process in current markets that were overheated earlier. The emergence of crypto funds is a vital part of this process“.

New Generation of social network platforms

CEO Daniel Eom introduced Foresting HQ, a social networking platform based on the decentralized blockchain. Unlike previous social networking sites that have to depend solely on ad revenue, this concept is a brand new business model. It can generate primary profits through uploaded contents. Steemit claims as the first generation platform of blockchain technology. However, Foresting has secured its competitive edge by overcoming the weaknesses of Steemit.

Daniel Eom, CEO of Foresting HQ

Kang Dae-Gu gave a quick introduction upon the innovative trading model CoinDTS developed by Borabit. It is the first HTS transaction solution in South Korea that enables more than 120 altcoins. 

Kim Jae-Pil proposed a business model that applies blockchain system to travel industry.  He explained,

“By combining blockchain with travel industry, we will be able to provide consumers with unique experiences and information that is more reliable than ever.”

In the later sessions of the event, Simon Pearson drew attention by introducing an encryption asset investment model. Park Sung-Ho, Head of Bingo Music Team, presented a model for sound distribution based on blockchain. Bingo Music is going to be launched next year with a solution to the transaction transparency and copyright issues of the existing music platforms.

Jakhongir Gulomov
Jakhongir Gulomov

Jakhongir is the Social Media Marketer at Foresting.io and an Editor at Startup Radar. He has an MA in International Finance and is a Blockchain and Cryptocurrency Enthusiast. He is a digital content creator who loves sports and technology.

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