[THE INVESTOR] Blockchain is considered the future of the internet but different companies are taking different approaches in adopting the technology.
Some claim public blockchain technology, which is sort of an open source protocol, is more effective, while other opt for private blockchain, which is more secure and appropriate, making it ideal for entities like banks.
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According to David Ham, CEO of VR blockchain firm Scanetchain, factors like data ownership and interoperability are what makes public blockchain protocols valuable.
“Let’s say when companies decide to work together, they often encounter a question whether to build another blockchain or bring a third party blockchain platform for interoperability,” Ham said. “(Therefore) To have a decentralized platform where anyone can participate or do transactions is really important.”
Ham was speaking during a panel discussion session at the Blockchain Open Forum held during June 28-29. The CEO previously led the blockchain unit at solutions firm Samsung SDS before joining Scanetchain this April.
Utilizing a decentralized model also helps get rid of users being worried of content ownership issues, common on platforms like YouTube or Facebook, he explained.
Scanetchain rolled out an app that combines blockchain identification systems with augmented reality video promotion services. It allows users to watch AR video content, or directs them to websites when scanning objects, such as brand logo or business card. User data for authentication is encrypted with blockchain technology.
Gali Rosen, chief marketing officer from blockchain firm Liberdy, said to “reach out to regulators get them engaged,” in the blockchain segment is important in invigorating the blockchain segment while helping the authorities understand the blockchain tech, which is an unfamiliar subject to most people outside the tech segment, and establish appropriate rules.
By Kim Young-won (firstname.lastname@example.org)