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Title The 418th STEPI Science and Technology Policy Forum-Industry Innovation through Blockchain
Date 2018-03-30 Hit 256  

On Friday, March 30, STEPI hosted the 418th Science Technology Policy Forum on the topic of “What are the policy measure for the industrial application of Blockchain?”.

 

More than 50 professionals from the industry, university and institute including researchers and professors in various fields, journalists, government officials, related industry employees attended the forum and exchanged a wide range of opinions on ways to promote Blockchain-based industry.

 

The Office of Future Industry Research of STEPI organized the forum to share its ongoing researches such as the current status of Blockchain technology, the outlook of next-generation Blockchain technology, the meaning of Blockchain as a general-use technology and political indication of its industrial growth, with critical aspect that we need to talk about “how to innovate industry and achieve innovative growth through Blockchain by understanding the domestic and overseas trends of Blockchain-related technology”.

 

The presentations were delivered by two speakers. Sang-hoon Hyun, CEO of D3 Research, and Eui-seok Kim, the head of Future Business Team of the Korea Minting and Security Printing Corporation respectively talked about ‘Blockchain Technology Trend’ and ‘Blockchain Technology Revolution in the 4th Industrial Revolution’. Afterwards, a panel discussion was followed with Byung-sam Choi, the head of the Office of Future Industry Research of STEPI as the moderator. The panel consisted of Joong-yup Lee, senior researcher of Software Policy & Research Institute, Kyung-hoon Kim, vice research director of Korea Information Society Development Institute, and Je-young Lee, associate research fellow of STEPI.

 

Through an enthusiastic debate, the panelists shared Blockchain technology status and utilization cases, and came up with many policy-related ideas to help the expansion of Blockchain industry.

 

First of all, the technology-wise, they talked about the fundamental of Blockchain technology which enables the transparent and reliable information exchange without transaction intermediary. Furthermore, in line with the presentations, they covered from Bitcoin-based technology to the recent development of smart contract. The difference of public Blockchain, which is accessible for everyone based on anonymity, and private Blockchain, which is allowed only to verified users, was discussed as well.

 

As examples of the industrial use of Blockchain, cases of Blockchain application as general-use technology were introduced, namely products & logistics tracking and management, medical data recording, public document and e-document management service, etc. Other nations’ utilization cases were introduced too, such as Blockchain-based inter-bank settlement system in the UK, Blockchain city project in China, and Block-chain-based land management system in Sweden.

 

Lastly the panel discussion touched on the policy direction to encourage the spread of such Blockchain industry. Most of the participants agreed that infrastructure for Blockchain should be constructed first. For specific measures, many ideas were proposed: public-private Blockchain pilot project, technology industry promotion policy through diversification of Blockchain R&D topics, and business model development through Hackathon or business idea contest. Also, the need of adequate system to establish secure transaction environment was highlighted. To do so, some mentioned that regulation and policy for Initial Coin Offering (ICO) should be first discussed and the government should scale up its market monitoring to ensure the transaction environment is secure for users.

 

It was a meaningful forum given the role of STEPI to reflect obscure current issues, Bitcoin technology in this case, onto actual policy so that we can use it as a future engine of our economy or society. It is expected that not only more learning of the new technology but also further researches on its industrial application would be followed.