December 21, 2018 – Seoul, South Korea – “Future Blockchain Forum 2018” brought leading blockchain figures to discuss the current and future state of the industry. LINFINITY CEO Anndy Lian attended and joined the panel discussion with Du Jun, Node Capital partner and Jinse Finance founder and Zhong Gengfa, founder and CEO of ChainUP to conduct an in-depth discussion on the “Commercialisation and Reform of Blockchain Technology”.
Blockchain has long been a topic of both great interest and contention as a frontier field, with a number of industries vying for their opinions on its general and business applications to be heard. As it stands today, the practical applications of blockchain are strictly limited to digital currency exchange and trade – though there is huge scope for advancement, the spectre of blockchain’s reputation precedes any meaningful application it may have beyond the realms of Bitcoin and its alt-coin brothers – in short, blockchain is all talk and no show: great thunder, yet little rain. Based on this problem, Mr. Lian shared his opinion on this prevailing view of blockchain technology.
Panel Discussion on “Commercialisation and Reform of Blockchain Technology”
“The commercialisation of blockchain technology is naturally difficult, not only at the application level but in the sense that it is not able to withstand the Internet-level block visit volume shown within current blockchain technology.” Mr. Lian emphasised. “I have seen a great number of innovative projects crop up in the industry from time to time, but they’re all still stuck in their pilot phase. Put simply, the increase of block access rate is a common difficulty faced by the entire blockchain industry; and it is due to this that user experiences of blockchain-enabled systems will be greatly impacted upon after commercialisation. This pain point is a common problem across the whole industry: as such, it requires the joint efforts of the whole industry to solve. It will, of course, take some time, but I believe the solution is within grasp.”
In terms of LINFINITY’s approach to the issue, Mr. Lian continued: “LINFINITY aims to focus its efforts towards solving this particular pain point within the industry; however, in the process of continuing market-oriented commercialisation, LINFINTIY has found that ‘blockchainisation’ of various industries is not a necessarily holistic approach to blockchain. Given that LINFINITY has always been cautiously sceptical towards the argument that ‘everything can be blockchainised’, we have prepared for this particular issue accordingly. After all, blockchainisation is only the process of on-chaining information that needs to use blockchain technology. ‘Blockchain Reform’ here, however, provides a potential solution, and one that LINFINITY has adopted since its inception: by combining blockchain technology with traditional entities as a market strategy – first by building a complete business ecosystem from the enterprise end, and secondly by conducting staged blockchain commercialisation from the top to the bottom.”
LINFINITY CEO Anndy Lian in the Panel Discussion
“This approach to commercialisation of the blockchain industry may well help to mitigate the issues faced today. The infancy of blockchain is both its strength and its bane at this point – if a company can approach the problem in as pragmatic a way as LINFINITY seems to be doing at this point, then there is great hope for what the future may hold for blockchain. And of course, the commercialisation or blockchain technology need joint efforts from both commercial parties as well as local governments,” Anndy added, who was appointed as member of Gyeongsangbuk-do Blockchain Special Committee.