Key Insights from #KoreaBlockchainWeek
Advisor Jon Fox attended #KoreaBlockchainWeek in Seoul where he had the opportunity to connect with shipping & logistics professionals, cryptocurrency funds, and other blockchain entrepreneurs looking to make their mark on the industry.
Here were the insights he gathered from his trip abroad and how he foresees Fr8 Network’s project evolving…
Jon’s Key Takeaways:
1) South Koreans are ahead of the crypto curve
The percentage of the population who own crypto is unparalleled, with 3 out of 10 salaried workers having already invested by December 2017. South Korea’s regulatory environment and high level of connectivity has primed the country for becoming an early leader in the crypto/blockchain space.
2) Due diligence is the name of the ICO game
The average South East Asian retail investor is doing due diligence that surpasses that of investors in other regions. Token mechanics are a large focus when vetting projects and determining investment worthiness.
These investors aren’t asking, “Is this project going to make me money?” They want to know, “Does this have long-term community value?”
3) Tech advanced nations still face logistics inefficiencies
There is a massive need for streamlining regulatory filings at ports in Asia. Even the most high tech of ports, such as the Port of Singapore, deals with cross-border inefficiencies because of a lack of global data standards and poor connectivity amongst multiple parties.
4) Adoption, adoption, adoption.
Adoption is the most crucial indicator of project success. Value should be driven primarily by consumers, rather than the fundraisers. Look out for a lot of new partnership announcements in the coming weeks!
5) Transparency with your community is key.
Projects should be comfortable sharing their successes, drawbacks, and vision. Be ready to share how you plan to spend each dollar you raise and define the incremental building blocks of your technology.
6) Fr8 Network is considered early in blockchain logistics
There are enough projects in and around the supply chain sphere such as those building marketplaces, freight factoring applications, and more. However, from our research and numerous conversations with shipping & logistics and blockchain professionals, it’s evident that Fr8 Network still has the first mover advantage in the logistics protocol space.
7) Adoption, adoption, adoption.
The U.S. has a lot to overcome with legacy infrastructure, systems, and perceptions, when it comes to technology. American investors have typically invested in tangible assets, while South Koreans have tremendous experience and interest in investing in digital assets, so, comparatively, there is a huge learning curve in the U.S.
It is reaffirming to see Fr8 Network pursuing the Asia markets for building community and strategic partnerships. Asian nations definitely have communal aspirations and individual responsibility deeply embedded in their culture, and these are definitely two things blockchain technology embodies.
What does this all mean for Fr8 Network?
1) Fr8 Network Community in Asia
We have begun actively building out a community presence in Asia. Awareness of cryptocurrencies and blockchain technology is high among South East Asian populations and these emerging markets are primed for adoption of blockchain solutions. If you use KakaoTalk or WeChat, you can now join our chat rooms:
WeChat ID: gh_754e5229e8d7
KakaoTalk: https://open.kakao.com/o/gbjXFKS
2) Refining our Product & Business
We’re continuing to advance our tokenomics, governance model, and value appreciation with the Fr8 Protocol and FR8 Tokens and with such supportive feedback from logistics, technology and economics experts.
3) Increased Transparency with the Community
We’re adding more granularity to our whitepaper, our product and project roadmaps to provide even more visibility into our approach to market adoption of Fr8 Protocol.
For example, we’re providing greater disclosure about our strategic partnerships in how we plan to build and work with each over time. We’re excited to share more about our work with Cargo Chief, Roambee, TAG Sensors, and others!
