Entrepreneurs and investors discuss the state of blockchain and cryptocurrency
The first annual Deconomy Forum on blockchain is taking place in Seoul this week.
Experts from around the world put their heads together to focus on the topic for Day 1: the state and the future of blockchain technology.
Kim Hyesung shares with us what was discussed.
What is the state of blockchain and the future of cryptocurrency?
Entrepreneurs, investors, and cryptographers from across the world gathered in Seoul on Tuesday at the Deconomy Forum to tackle that question.
Speakers included David Chaum, the father of digital currency, who laid out the roots of blockchain technology in the early 1980s.
"This is a very exciting time for crypto, I think for crypto and Korea. Cryptography is the only way for individuals to really protect themselves in the cyber space, in the digital world that we all saw coming."
Blockchain is a digital ledger that records transactions across many computers without requiring a central administrator.
The technology has been drawing enormous attention in recent years, with startups and tech giants like Google and IBM, and even major financial firms like JP Morgan Chase, investing in it.
Experts say blockchain technology, which back cryptocurrencies like bitcoin,... is key to the fourth industrial revolution, as the rise of tech companies like Amazon, Uber and others means the demand for secure, reliable, cost-effective payment methods that can be used anytime, anywhere is set to soar.
The goal of blockchain companies is to move money as easily as information moves in order to drive innovation.
The technology has improved... with faster decentralized software and enhanced security systems.
"I think payment systems is actually one of the least interesting things in blockchain. One of the more interesting things is the business processes of corporations themselves. And now you are seeing things like smart contracts emerging, and we are only seeing very early days, we are moving from centralized exchanges to decentralized exchanges."
"It's growing very, very rapidly right now and as it grows, obviously things change, they adapt, regulation comes in and consumer protection comes in, but really it's growing as fast as any technology has ever grown."
The consensus seems to be that blockchain technology is important, but that regulations need to follow at the same pace as innovation for it to really benefit the general public.
Experts will discuss privacy, regulation and government taxation at the forum on Wednesday.