The World Blockchain Summit Busan 2020 brought international technology experts to Busan, South Korea, to discuss the future of blockchain. Anndy Lian, inter-governmental Blockchain Advisor and author of Blockchain Revolution 2020 and Andrew Faridani, President & CEO Breeze Max Web and Forbes Business Development Council were at a panel titled “The Future cannot be regulated”.
“Innovation is the guarantor of future prosperity and not regulation. In order for us to have a brighter future, we need to be innovative now to set a good foundation, and regulations can set in later to standardize. This is how typically sandbox models work, we trial and error, and if the results are good and acceptable, they graduate from the sandbox regime. Singapore’s MAS did a good job for blockchain-driven project, and I believe Busan as the regulatory free zone can take reference from what was done and make it better.” Anndy commented.
Andrew agreed with the points and added: “The companies best positioned to be able to help the authorities make responsible regulations are those companies in industries that have the power to generate the most customers. The leading industry may be the gaming industry, because of its potential to recruit end-users at a rapid rate is probably the biggest out of any of the industries involved right now in blockchain. Responsible leading companies such as Gaimin, have the ability to be the forerunners of this movement.”
Former South Korea Minister of Environment Lee Maanee and keynote speaker at the event also explained further, “Busan has designated the blockchain special zone and laid the foundation for the public and private sectors to become the leading model of the Fourth Industrial Revolution.”
Park Bong-Kyu, chairman of World Blockchain Summit Busan said, “Two years ago, blockchain was an unfamiliar field, but I thought it will be a new wave that would make a big difference in our everyday life. I learned about blockchain and expanded the community with all my passion. I will continue to educate everyone with blockchain knowledge.”
Blockchain experts from Maker DAO, Conflux, Gaimin.io, Quarkchain were present at the event to lend their support and find out more about the Busan Economic Zone.
The World Blockchain Summit Busan 2020 was held in Busan on 20th February 2020, jointly organised by Blockchain MARVELS and Busan Economic Promotion Agency, and hosted by the Korea CEO Summit, Busan, BNK Financial Group, Korea Blockchain Industry Promotion Association, Korea Blockchain Startup Association, Korea Blockchain Association, Global Fintech Industry Promotion Center, Chungbuk Blockchain and Korea e-Sports Industry Association.
For more information on the summit, go to https://wbsmarvels.com/.