The chairman of a large South Korean gaming firm has said that blockchain will be applied across all industries in the future.
During the 9th Annual Strategy Forum held in Seoul, chairman Bang Joon-hyuk responded to a college student’s question about the future of blockchain and business with an optimistic prediction for blockchain’s use:
"Blockchain with objectivity, reliability and security will be applied to all industries in the future,"
When asked if blockchain’s current popularity was a bubble, the chairman then compared the innovation of blockchain with that of the Internet:
“The Internet was not a bubble. The Internet has made all industries convenient [...] [Blockchain]
is not a bubble because there are people who have invested in bitcoin. It is a bubble for those who do not know, but an opportunity for those who know."
Bang Joon-hyuk continued with his comparison, noting that since blockchain is in its nascency, taking advantage of the technology could bring success similar to the Internet entrepreneurs of the 1980s:
"It seems that this time comes once every ten years [...] now we are expecting blockchain.”
South Korea’s central bank has begun exploring the idea of using blockchain in order to achieve their aim of a cashless society by 2020. Furthermore, the South Korean government announced a new positive direction for their cryptocurrency and blockchain legislation at the end of May, when they announced a plan to make initial coin offerings (ICO) legal again.