Joseph Poon discusses how the Blockchain can change our society.

Joseph Poon in Seoul

Joseph Poon the co-author of bitcoin’s Lightning Network which is a Thailand-based payment gateway network is building a decentralized exchange based on Ethereum, arrived in Seoul to speak about the potential of Blockchain technologies.  Recently he spoke at Deconomy which brought to Korea the brightest entrepreneurs, thought leaders, investors, developers, academics, policy groups, and blockchain enthusiasts.  He then made headlines by calling out chief scientist at nChain Craig Wright.  His comment might have been the highlight of the conference.

“I wrote the lightning network whitepaper and still didn’t understand your talk”

However, before this conference, Joseph Poon sat down for a round-table discussion on blockchain technologies as well as promote the launch of OmiseGo blockchain.

Blockchain Roundtable

At the roundtable, Joseph Poon spoke about how Asian countries, including Korea, were all well-organized and had large enterprises.  They have had success within a well-organized structure of large corporations.  Therefore with a new technology like the blockchain coming onto the scene, it is a slightly different structure than what these Asian countries are used to.

He feels there should be a structure in Korea that can trust different participants.  This structure needs to be created.  The consensus system of the participants and the method of financing are totally different.  This is why he feels it is a difficult challenge.  It is a different structure from the existing success these Asian countries have experienced.

He went on to say that he thought many people in various fields such as business, academia, and politics should have more studies and discussions on this topic.  This is because moving forward this is going to be a very difficult challenge.

Joseph spoke about the internet in the 1990s and how it changed society a lot due to the development of telecommunication technologies.  He feels that the blockchain will have the same effect and make a huge change in our society.  It might even bring a much deeper level of change.  The change will come in the form of how an organization is structured.  How intercompany trust will work.  Lastly, how to raise funds like ICOs.

John Yoon

John Yoon is the Editor in Chief at Startup Radar, Organizer for Startup Festival 2017, Head of Operations Korea at EOS Asia and the Global Marketing Director for Foresting.io. Email = john@startupradar.asia if you are interested in guest contributing and helping the Korean startup ecosystem. Wechat, Kakao, and Line user ID is jswy315

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