Discussion on How Blockchain Can Change the Current Financial Ecosystem
Last Wednesday, GBIC and Block72’s partner Sinhae Lee participated in 2018 FinTech Conference in Seoul as a speaker and panelist. After speaking about “Trends in Key Blockchain Markets and Implications”, Sinhae joined a panel discussion under the topic, “How Blockchain Can Change the Current Financial Ecosystem”.
Interesting opinions and insights were shared at the panel, moderated by Charles Pyo of Chain Partners and participated by Sinhae along with Simon Kim of Hashed, Junhaeng Lee of GOPAX.com, and Taewon Kim of Glosfer.
The first topic of discussion was STO, on whether the blockchain startups can survive when the well-established financial companies enter the blockchain ecosystem with STO. All agreed that the startups do have advantage, stating that the fresh perspective of the existing players in the blockchain market will give them a head start. If the blockchain startups strive to innovate and bring new ideas to the market, they have high chance of leading the new industry.
Then the panelists shared their outlook on the cryptocurrency market. Regarding the recovery of currently bear market, the panelists expected that it will certainly recover, but different opinions were shared as to when it will be. Some of the mentioned preconditions for positive outlook included: birth of blockchain technology’s use cases, establishment of relevant guideline and regulation, rise in the number of skillful blockchain developers, and solution for issues related to scalability.
Lastly, they discussed what kind of dApp will be the first to be adopted by mass. Each panelist expressed different opinions on this matter. Simon and Sinhae stated that actual use cases are likely to come from the financial industry, such as STO and payment/transfer solutions. Taewon suggested that demand for dApps related to copyrights will rise, while Junhaeng chose gaming dApps, adding that they are highly likely to gain users’ loyalties.
It is evident that blockchain has enormous potential and it is only a matter of time for the technology to be adopted by the broader public. Along this exciting journey, GBIC will continue to be at the forefront to lead the changes that will truly innovate the world.
