Hanbitco CEO “Bitcoin can drive future growth”
Bitcoin is key to maintaining trust in the future, according to Hanbitco CEO Kim Sung-a, who is also chairman of the Korea Blockchain Association. “Looking back over the 500 year history of capitalism, what is the intangible asset that drove the growth? It’s trust. Bitcoin will function as a warranty that guarantees the trust for the future,” said Kim when asked the definition of digital asset at the World Blockchain Summit Marvels Seoul 2019 held at the Silla Hotel Tuesday and Wednesday. Blockchain can become an “insurance” for the future economy Kim said currency systems and scientific development drive the future growth. Countries have been using the currency systems for quantitative easing. But continuing that way of driving the economy can’t guarantee rapid growth anymore, especially in an economy that is largely driven by millennials. But the development of science technologies could provide a chance for the economy to make a major leap. Blockchain, which can be included in the field of science technology, could be seen as an insurance that could be used when the future capital system doesn’t function properly. Blockchain will bring larger value to existing assets Park Se-yeol, IBK Korea’s Blockchain Technology Leader, agreed. “It’s not just the bitcoin. I believe everything around us is an asset with value.” Medical data, for instance, is an asset, according to Park. Hospitals gain medical data and information about patients every day. If such information is shared via blockchain, more efficient data assets can be created, argued Park. “Everything that has value right now is transforming to digital assets, and those assets will be able to create larger value through blockchain.” Regulations limit blockchain development Although blockchain has significant potential, it isn’t able to realize that potential due to regulations. Some people feel sorry about the fact that blockchain, an area in which Korea used to be a leader, is now staggering due to regulation. “Two years ago, when blockchain services and cryptocurrency exchange platforms were launched, Korean was the second language that was supported after English,” said Kim. “That shows Korea became the hub [for blockchain], but it is losing its presence due to the regulations. Cryptocurrency is also a kind of an asset, and it’s like that asset is flowing out abroad.” “For technology and financial service industries to properly develop, it is important to introduce regulations that don’t diverge too much from the international regulations,” added Kim.