“The DNA of blockchain is seeping into the world.”
That was one of the major takeaways from Galaxy Digital founder and CEO Michael Novogratz, who took part in the Korea Blockchain Week’s main event “D.FINE” on Monday. In a fireside chat with Ryan Lee of Dunamu & Partners, Novogratz noted that by entering the blockchain industry, global giants are helping boost the market.
“Blockchain services with a large number of users will change the industry,” he said, adding that tech-savvy Asia could serve as a test bed for the technology. “Asia’s fintech is just way better than U.S.’s.”
South Korea, in particular, is making huge investments in blockchain—the technology has found use cases in both private and government sectors. The government of Seoul announced that it’s launching a blockchain-based administrative service for residents in November, while the port city of Busan has already been designated as a “regulation-free blockchain zone.” Its close contender for the title, Jeju Island, announced a new initiative called the Blockchain Hub City Development Research Service in August.
To secure global competitiveness, Chang Byunggyu, head of the Presidential Committee on the 4th Industrial Revolution, told the audience at D.FINE that the committee’s upcoming recommendation will include the promotion of blockchain and institutionalization of crypto assets. He said, “Technological advances are so rapid that we need to be able to do a lot of experiments in the industry through the regulatory sandbox.”
Even more breakthroughs are happening in the private sector. Kim Joowan, VP and Head of Service Planning Group, Mobile Communications Business at Samsung Electronics, noted how blockchain is helping the tech giant build a “multi-chain open ecosystem.”
“We are trying to apply blockchain technology to Samsung Health as well as other services as much as possible,” he said. “It is a true multilateral open ecosystem where users can manage their personal information and identity.”
The D.FINE event—the first conference in Korea hosted by media conglomerates in the country—will run until October 1 at the Grand InterContinental Seoul Parnas. If you’re in the area, also check out the CoinGeek Seoul Conference happening at Le Meridien Hotel on October 1-2.