February 18, 2019

‘Crypto market to get boost when blockchain becomes mainstream’

PUBLISHED : June 28, 2018 - 16:10

UPDATED : June 28, 2018 - 16:19

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[THE INVESTOR] The global cryptocurrency market, which is closely linked to blockchain technology, is going through a hard time with the price of most major coins hitting the lowest in months and seeing no sign of rebounding. Some experts, however, said that the crypto industry will take off once the blockchain technology and coins widely infiltrate the daily lives of people.

Taking the stage during the Blockchain Open Forum conference on June 28 in Seoul, Andy Tien, CEO of Gifto, said actual and massive utilization of coins means “high token value,” so there is a need for more applications and usage of digital coins down the road.

“One thing I have realized is that to be able to create technology that truly impacts the world, you need to have great applications that will represent the value of the technology so that the average person can appreciate it,” said Tien. Gifto is a Beijing-headquartered mobile solutions firm.

David Ham, CEO of Scanetchain, speaks at the Blockchain Open Forum conference held on June 28 in Seoul.

In early 2000s, the ex-Googler worked to help bring the Android mobile system to the Asian market. “Back then just like the current blockchain, Android was very slow, and there were lots of bugs, very few devices running on the system and not many applications,” he said.

But with more applications, starting from games, being created, the mobile operating system gained momentum and became one of the dominant mobile OS in the world, he explained.

In order for the blockchain market to take a big leap, according to some participants at the event, blockchain applications and technologies need to be flexible, being able to adapt to different blockchain protocols.

“Technology changes so fast now, and change is taking place much faster in the blockchain industry, which means what is popular and good right now will be good for only a year or six months,” said Yan Palmachinskiy, CEO of blockchain protocol company ENDO, in a panel discussion session, adding flexibility is a key in blockchain technology.

Joshua Tobkin, founder of blockchain firm, also emphasized “recreating yourself,” is important as new blockchain technologies will continue to emerge.

One of the blockchain applications introduced during the event was a company called Scanetchain, which merges blockchain identification systems with augmented reality video promotion services. The company’s app allows users to watch AR video content, or directs them to websites, when scanning objects, such as brand logo or business card. User data for authentication is encrypted with blockchain technology.

By Kim Young-won (

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