Netmarble Chairperson is Confident on the Future Applicability of Blockchain Technology
The inherent capabilities of blockchain technology make it applicable to multiple aspects of human livelihoods, far beyond its original use case that is digital currencies. Most leaders of institutions from various sectors of the global economy concur with this fact, including the chairperson of Netmarble, a Seoul-based gaming company. In an article published on EDaily, a Korean news outlet, the chairmen stated that distributed ledger technology would soon take over all industries.
The dominance of Netmarble transcends the South Korean market, as the company is one of the most prominent gaming developers in the world. In 2016, the company amassed revenue amounting to a whopping $1.35 billion. Currently, the firm has a market capitalization value of $11.6 billion.
Every year, Seoul hosts a strategy forum during which various issues are discussed, with an inclination towards matters concerning business. In this year’s convention (9th edition), a student from a local university posed a question to Bang Joon-hyuk, the chairperson of Netmarble. The query sought to know about the future of blockchain technology, particularly concerning businesses. Bang responded by asserting that distributed ledger technology will be soon applicable to all facets of the global economy.
Additionally, Joon-hyuk was also asked to explain his thoughts on the ongoing cryptocurrency boom, including whether he thinks it is a bubble. The chairperson replied by comparing the rise of blockchain technology to the early days of the internet. Similar to the internet, blockchain technology has a considerable number of doubters, despite having obvious benefits. To this end, Bang commented that cryptocurrencies would forever remain a bubble to the skeptics, while the bold continue reaping its benefits.
Furthermore, Joon-hyuk encouraged investors to capitalize on the technology while it is still in its nascent stages. Drawing a comparison to the internet, Bang said that early contributors would reap massively just like those who initially believed in the internet.
South Korea is among the few countries that have fully embraced the concept of digital currencies and blockchain technology. In this regard, the local central bank recently initiated the process of leveraging blockchain technology to achieve a cashless economy within the next two years. This initiative aims to increase convenience and save the funds that are currently spent on producing fiat money. In addition to this program, the government is also working on amending its legislation concerning cryptocurrencies to reinstate the legality of ICOs.