Chairman of Korean Gaming Giant Predicts Use of Blockchain in ‘All Industries’ in Future

The chairman of Netmarble, one of the largest South Korean gaming companies, believes that blockchain technology will soon be applied across all industries, local news outlet EDaily reports June 20.

Netmarble reported revenue of 1.5 trillion won (about $1.35 billion) in 2016, with a market cap of 12.86 trillion won (about $11.59 billion) today.

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.