Korea is an ideal breeding ground for the blockchain industry because Koreans are familiar with digital assets, according to Kim Seo-joon, CEO of Hashed, a leading crypto fund.
In a speech at the Blockchain Expo in Seoul, he said Koreans have a deep understanding of digital assets. For example, he said, “itemBay was launched in 2001 in South Korea.” It offers game trading service, operates an online gaming portal and trades the in-game virtual item for the real-world money.
“Through Cyworld, Hangame, Sayclub, and Kingdom of the Winds, Koreans have accumulated a deep understanding of digital assets,” he said.
Despite Korea’s strong potential for becoming a leading blockchain powerhouse, he said, the government’s unclear policy stance is quite problematic.
“Unless the South Korean government issues a clear guideline, many talented blockchain producers and engineers will go overseas,” he said, “Many South Korean AI experts have left Korea in search of a better working environment.”
Kim predicted that blockchain would change the company model. Under the current business model, it is quite natural that owners of land and company take much of profit although they do not work. However, this model will change when the industries adopt the blockchain system, he said.
To highlight his point, he showed Jean-Francois Millet’s oil painting, “The Gleaners.” He said in the blockchain era, the three peasant women, namely lower-class workers, will no longer glean a field of stray stalks of wheat after the harvest. The Millet’s painting shows the owners of the land, namely the upper class, took all ears of wheat while workers took only stray stalks of wheat after the harvest. This social structure is entirely unreasonable. However, in the blockchain era, the distinction between the working persons and the money-earning persons will disappear, Kim said.
Through the blockchain, anyone can buy tokens, become major shareholders, contribute to developing companies, and earn money by the contribution he or she makes, he said,
Such a change has already begun, he said. For example, Airbnb and Uber have sent letters to the U.S. Securities Exchange Commission so that they can provide stocks to platform hosts and drivers, he said.
