How I got into Blockchain
First, I would like to share a story about myself. I got into the blockchain industry in 2014. I was a researcher at the first blockchain research Lab called Bits + Blocks at Harvard University. This lab was co-sponsored by Harvard and Nasdaq because in 2014 all the wall street banks wanted to understand how they can use this technology in the future. So this is why they created this lab.
After I finished the Lab I felt this technology was going to be the next big thing. This is because the time we researched this technology it felt a lot like 1993. In 1993 we didn’t fully understand what the Internet could really do. Then after that, I started by first blockchain startup related to protecting intellectual property. The blockchain is a part of a ledger. You can put anything you want there and it can be removable. So we used this to protect IPs from designers, painters, etc. We were able to generate a certificate for that. During the journey, I noticed that it was difficult for normal people to use and understand blockchain.
We use the internet every day. But it is hard to explain the internet. However, it is easy to use. How can normal people use Blockchain? That is the main hurdle for Blockchain at the moment.
Korea Needs Government Regulation on ICOs
I see a lot of bad projects in the ICO market. I can understand the Korean government wanting to ban ICO in Korea. However, a full out ban is not good. The Korean government needs to regulate the market. There are many cases where you just make a PPT, raise the money, and not deliver on your promise. I feel this current ICO ban in Korea is only temporary.
I feel the ICO is a very good way to raise money, however for the long term you need a solid solution and a solid team for investors to invest. Not only is ICO a great way to raise early funds but it is also a great way to generate users. That part is more interesting. Then startups can create an ecosystem and can have a co-community. For example, I use a smartphone called Hammer. It is made in China. There are Apple and Samsung, but I use Hammer because I am a community member. There are some key features that Hammer has that no other smartphone has. Therefore, I have faith in this product. When co-users can grow the community, it becomes more organic.
The Future of Blockchain
Big companies are refusing to change. When they realize that they need to change it will be too late. There are a few big corporates adopting blockchain technologies but most of the innovation is happening with startups. In 3-5 years I think the gaming industry will be changed the most by blockchain technologies. Imagine being able to own your own character and have a piece of the game! However, for the longer term, the mobile payment industry will be changed a lot through blockchain. There will be fewer and fewer paper currency as more and more financial institutions, and even the government start incorporating digital currency into their society. There are many exciting things to come with Blockchain and I can’t wait to see what else it brings.