Blockchain R&D Center Chief Talks about Blockchain Paradigm and Government 4.0

By July 27, 2016Bitcoin Business

(left)Dongguk University Prof. Park Sung-joon’s talk with Hong Joon-young, vice chairman of K-FiNNeT. The Korea IT Times, a S. Korea-based global news network, will run a five-installment series dedicated to startups developing blockchain technology (which is considered as a means of democratizing the financial market) and leaders in innovative financial services. The five installments will revolve around 1) simple payment services, 2) retail finance, 3) credit and asset management, 4)crowd funding and 5) virtual currency, respectively.

In this first installment, we cover Dongguk University Prof. Park Sung-joon’s talk with Hong Joon-young, vice chairman of K-FiNNeT, who has been preparing a parliamentary forum on the creation of ‘regulation-free fintech zones,’ scheduled for September. Prof. Park has also been busy preparing to open a blockchain R&D center in September.

Prof. Park, a cryptologist, underlined the importance of blockchain technology, a shared public ledger based on peer-to-peer cryptocurrencies, and proposed ‘Government 4.0’ policy.

Hong : The UK government has published a far-reaching report about the nature and potential of blockchain technology. The report titled ‘Distributed ledger technology: beyond block chain’ indicates that the essential meaning and value of blockchain tech serves as the foundation for a transparent society which is not monopolized by a few power groups. The foundation of S. Korea’s economic democratization is also based on the same notion. What’s your view on this?

Park : At the beginning of the 21st century, I emphasized a “cyber paradigm” and the need for revolutionizing the Internet in this country. I believe blockchain technology is so disruptive that it can trigger a second Internet revolution just like the Internet has brought in innovative changes across all sectors of society. That’s why I set forth a “blockchain paradigm.”

Hong : Let’s think about the effects of blockchain technology on industry. If global financial companies tapped […]

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