BCL at the Block Community
I (Ken, CEO of BCL) represented BCL at an event called Block Community sponsored by INDODAX and Tokenomy in Jakarta. It was a hugely interesting event with attendees from different academic and professional backgrounds, with different perception towards Blockchain technology. I was part of a panel discussion along with other members answering blockchain related questions.
Two common themes among the discussion were: “I understood that the need for block chain technology , but where is the user adaption?” and also, “We do not need block chains without actual use cases”. This is exactly what we want to address with BCL, user adoption with real world use cases.
While it is hard to summarise , the entire event, I will cover the key aspects:
“Why is tokenization needed and what is tokenizing?”
We have not disclosed our the white paper yet, but at the beginning we state that “the key was invented as proof of ownership 4000 years ago.” A key was originally meant to be used to prove ownership of a person with power. This does not change even after 4000 years have passed. In the meantime, the country continues to suffer from poverty because there is no means to prove ownership, or even if there is any, it is easily tampered with by the authority.
Under developed countries suffers from ownership problems in housing for example Ghana suffers from proof of ownership issue. There are no such problems in developed countries, due to the existence of reliable governments. If you can lend your own property and real estate with ease, safely and transparently, the process would be less tedious and more seamless. If a person who temporarily received the transfer of ownership and treats it like his possession, more people will be willing to lend their own belongings and the utility model will increase. We believe that the issues of both efficiency and people’s rights to ownershipe within the world will solved by tokenizing ownership within the BCL ecosystem.
“What do you expect from Indonesia?”
Indonesia is a largely populated country in the Southeast of Asia n and has made remarkable progress since I visited it 10 years ago. Blockchain technology is global and I believe it is the infrastructure that people around the world will support. From such a point of view, it is a very important activity to open up channels with opartners who share our thoughts and visions, not only in Indonesia but also in other regions. Unlike traditional businesses, infrastructure can easily become global, so the development of use cases on that can proceed in parallel without waiting for the establishment of a business model in Japan. Conversely, if you cannot proceed in parallel, it can be said that it has not been able to fully demonstrate the power of the block chain. We are aiming to develop a use case, cultivate partners, nurture investors and build a developer’s community in parallel.
“What do you think about recent government regulations?”
America’s SEC is currently reviewing the blockchain space and trying to overcome the existing securities trading law framework as much as possible. Meanwhile, Singapore is trying to attract more projects by capturing this trend more openly and it was also clearly stated by government officials at consensus Singapore. Regulation within Korea seems to have become severe, while establishments of a corporation in Singapore seems to be popular. As Satoshi Nakamoto said in the thesis, it is impossible to control everything by regulation of a single region without decentralization. With the introduction of DEX it will evolve to more impossible things.
On the other hand, it is premature to think that the government needs to abandon regulation. The hacking of Japan’s, Zaif’s exchange last week resulted in the third large-scale virtual currency spill.
In order to judge things correctly, we need to think about what the government’s intend to regulate. I do not know about overseas governments, but at least the Japanese government is trying to create a healthy virtual currency market. But for the Financial Services Agency the healthy development of financial products and investor protection is a top priority. I believe this is a huge challenge we must overcome to make the ecosystem a healthy one.
Preventing global money laundering from the perspective of anti-social forces and anti-terrorism is also a major initiative of the governments around the world. If all the governments cooperate the flow of fraudulent funds will reduce substantially.
. As a responsible person working within this space , I feel that respecting such intention of the government is a prerequisite to making the world a safer and better place.
“How do you think about this bare market?”
Certainly the market is bad and it looks like bottomless. But we have two beliefs and we are optimistic about this market.
I would like to think that a big opportunity came for projects like us, who are trying to do business seriously, keeping those who are thinking of easy money away from the blockchain world. The BCL project team has high technical ability to accomplish it and highly aspirational.
Another point is that we are also planning to grow Block Chain Lock Inc with existing equity finance. On the other hand, if you explain to those who do not know so much, we are developing an alternative corporate BCL Foundation Ltd. in Singapore. This is to clarify the line of responsibility between equities and tokens and clarify the delineation between the two companies. The BCL Foundation promotes the token economy and Block Chain Lock Inc aims for growth in equity. As a role sharing, BCL Foundation will build block chain infrastructure along with communities around the world, and Block Chain Lock Co., Ltd. will make actual use cases on the BCL chain, sell devices supporting BCL chain, and develop services.
“One word at the end”
It can be said that the network effect which is the same as the traditional Internet business is working more robustly in the blockchain.
On the other hand, the reason why the blockchain business isunique is that there is a token. If the communities around the world agree to use BCL blockchain buy and sell BCL tokens for the deployment of BCL goods and services in their own country, the “adoption” of new products and services of BCL ecosystem can be dramatically accelerated. This in my view, is the biggest advantage of the token economy.
As I said at the beginning, what I have been hearing as a common theme is “I understand the need for blockchain technology, but where is the adoptation.” To realize that, we need corporate efforts that are not different from ordinary B2B business or those for B2C business. In anticipation of such a future, the BCL project is acting by giving top priority to “real adaptation” to real society through constant business efforts and planning and development capabilities. Furthermore, in the sense that the base of investors who can support us like such will be expanded, I will also make efforts to cultivate partnerships so that our tokens can be sold easily in many countries including Indonesia. For this reason, it is a very important strategy for us to advance projects with regionally strong partners like INDODAX, Tokenemy.
Thank you for reading the story today. Please continue to support BCL in the future.
