Insights’ from journey to Asia (Singapore, Seoul & Tokyo)
During June 20th and July. 3rd 2018, our CEO Richard and COO Kyung had an amazing trip to Asia, attending BFC 2018 APAC in Singapore, DAIBC in Tokyo and private meet-ups in Seoul in South Korea — one of the biggest cryptocurrency markets in the world.
During the conferences, they met many blockchain enthusiasts who have been working on decentralized application (dApp) projects from various industries with different types of tokens. Both founders also came across blockchain infrastructure and protocol which have been in early stage or more established. Most of them were from the financial sector and are either pursuing an ICO or have already done one successfully. Our founders had detailed talks with different content focus which all left a permanent impression.
Kyung, please give us some insights.
It’s hard to cover all the takeaways we got from three busy weeks, meeting hundreds of people on internationally scaled conferences. In the following we try to summarize the keynotes:
All in all, the vast majority of blockchain projects still hold ICOs before having a fully functional product. Afterwards projects use the raised funds to develop and deploy their use cases. However, we noticed that there is a small number of already established companies that use the ICO fund-raising model to decentralize a certain part of their company structures. These projects are often referred to as reverse ICOs. Many of the blockchain projects have explicitly stated that there has been a change in the role of investment funds and a significant increase in government regulators’ attention to the industry. In 2018, there is a ICO investment trend compared with last year’s investment scheme indicating an increase in the share of institutional capital and a decline in the number of private investors.
During the trip to Asia, what thrilled us the most are the meetings with blockchain architects, with different venture capital firms and members of the Korean Blockchain Association (KBCA).
During the discussion with blockchain architects from projects such as ICON, RChain, TomoChain, RChain etc. we exchanged ideas about technical topics and existing challenges in current implementations, meanwhile we also discussed Lition’s upcoming proprietary blockchain solution for the smart energy age which will be easily applicable for all regulated markets due to its underlying upsides.
With respect to our global market aims, we met different ventures, like smart meter producers, energy retailers and EV charging station providers in Singapore and South Korea to connect multiple stakeholders to our energy blockchain solution. Cooperation’s are now in concrete negotiations and contracts will be signed soon. Currently we have a leading smart meter partner and a cooperation with a provider of 1,500 EV charging stations in China. Furthermore, the meetings with members of the KBCA in Seoul were very constructive. We discussed how we can further deepen our relationship and exchange our knowledge on today’s blockchain issues and challenges, especially focusing on use cases in energy ecosystem. We talked about the liberalization of the Korean energy sector to open the market to private companies in a bid to improve efficiency, cut debt, and increase transparency. Until today transmission and retail services are still monopolized by KEPCO in Korea.
KBCA is very supportive in extending our blockchain network in Korea and in building relationships with Korean blockchain enthusiasts and government representatives. According to the latest news in the blockchain industry, South Korean government is loosening their cryptocurrency regulation, and the country has also taken the reins in terms of blockchain and cryptocurrency regulation over the last years. On June 21st, the Ministry of Science and ICT of South Korea revealed a Blockchain Technology Development Strategy allocating a total amount of 230 billion Won (over $200M USD) for the development of blockchain-based technology. As a nation like South Korea leads the blockchain revolution, neighboring countries are most likely looking into the fact how blockchain technology can best be utilized to further consolidate operational security and efficiency and various industries can be greatly decentralized.
Last but not the least, we enjoyed talking to the conference audience, sharing and gaining knowledge about use cases and receiving much positive feedback on what Lition can bring based on its working blockchain solution and operating energy business.
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