Coexistence of Two Worlds: Governments rule the Physical World & Blockchain rules the Digital World

[Music] hello my name is Simon Kim uh CEO and co-founder of hit today I talk about the topic government lules the physical world blockchain rules the digital world these days we are living in the two world uh the first one is a physical world we always lived in when I was a young younger generation or Elementary School and Middle School student I stayed most of my time in physical world I watched the television and uh radio and newspapers and etra but these days we are spending more and more time in the digital world so even for the younger generation they always stick to the smartphone and even they are eating eating the food they are also watching the YouTube or playing the game so literally we are spending more time in the digital world than physical world uh the important thing is many things that gain value trans transitioning from physical to digital some of the physical assets should be limit remains in the physical world some of the important asset as water Food Land real estate Energy power that kinds of asset should be remains at the physical level but many of the uh assets and some of the new kinds of digital native asset are being created in the digital world uh money was a in form of the paper but these days money is a transitioning to the digital asset as well identity was also physical we used a physical ID but these days most of the IDS are also being uh digitalized and property right is also in digital and many of the ideas including knowledges IP contents are being digitalized and also human intelligence and the relationship is being digitalized as well when I was in university student the uh most uh remarkable book I read was the name digital world uh the winner text Society published in 1995 the book was uh published very early days but the author exactly predicted in the near future because of the technology and globalization some of the company or people are very good at digital technology can conquer the world and this is really happening these days uh some of the example starting from media so in TR from the radio or television uh it uh it uh it costed more than uh tens or 20 years to time to reach 100 million users but these days more uh because of the digitalized platform and network effect many of the new digital Medias are gaining users more more fast uh time time being uh even uh thread by meta gaining uh 100 million users only by 5 days uh similar like this big tech companies are grow through a network effect they are making lots of profit and getting more users and getting more digital controls so these days the top five it companies of the uh us now owning over 25% of the US T market and the ratio is becoming bigger and bigger uh by the way the digital world fa some serious problems one of the serious problem is uh uh about the personal information so big tech companies are talking controlling user data many countries are adding regulations such as a California uh personal data law or G gdpr that kinds of Regulation are being adopted and many of the people who are joining to the internet some of the platforms are refusing to share their their data when joining the platform and also the other huge huge problem is AI bias AI should be fair AI is so powerful so it's a just like as a creating a new gut but the truth is AI is developed by few people or few companies or few countries so it should be biased by the Creator so there already there are so many biased data about the gender and uh countries or La that kinds of BIOS are happening and the other problem of AI is a uh it is operated by very small group and also closed group so outside of the AI Foundation model people does people don't understand how it is developed one of the good example is a open AI is accident open AI is not opened AI uh few about a year ago suddenly the CEO of open AI Sam artman suddenly fired by few board member and and suddenly came back people doesn't people don't understand why it is happening and how it uh how how it can be developed uh for the clear governance so nobody knows how close AI systems are growing we can't prepare the AI Lisk as as well digital companies want give up their power and Technologies Technologies growing fast just like as a crazy train and government are spending hard time to controlling uh technology or uh companies as these days a government regulate leg ations are having some power in the Border but many of the digital technology and Innovations are borderless uh let's thinking about the early internet early internet was built on strong protocol uh when was uh declared by some of the US agency uh they uh they declared that internet prot internet as a protocol so protocol is the shared Truth by the community and people so nobody can change it the backbone of the internet so it's a very strong and fundamental so we can build some of the uh useful application on top of Internet so Google Amazon and Netflix and the that kinds of company uh are very successful on top of this protocol layer but these big tech companies are not a protocol that means that can change the algorithm or the generate the fees by uh their mind anytime anyway uh but blockchain is a starting from protocol and staying in protocol that means nobody can change the protocol or the common s of the uh each operate way it's so powerful and uh just like as a Bitcoin it's growing and grow growing and growing with the community consensus so even for the centralized company just as coinbase are expanding their business to the uh blockchain uh it's a base chain the world based on uh the world we are living are based on two found ation I think the first one is of God and the other one is a natural RO with truth unchanging the fundamental laws uh just as a natural law and then we can build uh our belief of the existence and we can build the society and we can build our civilization just like this if we can flourish the digital culture or digital civilization we need a a very strong fundamental just like as a natural rule I can say it can be the protocol of the internet using blockchain technology uh Bitcoin is a best example how protocol economy Works uh Bitcoin has a many of the characteristic very opposite to the uh normal uh companies Bitcoin has no founder no CEO no employees it operate by the community it's very different from a normal company and also there is no boundaries or border for the operation and the network is very transparent and uh we can uh have our own Bitcoin uh that means that we can custody ourselves without any uh third party or financial companies uh after Bitcoin made the proof of concept so so many evolutions on the blockchain industries are being happening one of the example is a stable coin these days money is becoming uh tokenized so already more than 200 billion of money are being tokenized on public blockchain and from for the second quarter of this year the many people don't recognize it but stable coin volume already supposed be transaction B uh and and finally all the asset classes are being tokenized on top of blockchain uh as I mentioned money is being tokenized commodity is being tokenized uh and there are so many crypto native people are being flourished just like as Bitcoin ethereum and also security just like as a real estate art the kinds of assets are also being tokenized government rules the physical world blockchain lul the digital world but these two concepts are not competing each other I believe that can make a huge Synergy some of the example is a Lear estate the Lear estate exist in the physical world but it can be registered by Digital Data and it can be tokenized by blockchain uh technology and can be traded traded easily on global basis so some of the uh important uh Trend these days people and companies are moving from the uh moving to the new country have a very Sy Synergy and and harmonized of the two world uh digital world and government so if you see the chart uh us here is the most gaining country for millionaire this year so uh people and companies are are finding a better regulation and better environment for for developing the technology and finance and uh UA is the one of the best uh place to make a Synergy uh of the traditional environment and digital environment as well uh I can say I I already said blockchain and government can make a harmonizing and Synergy so I can make some uh example uh one of the example can be uh driven in the content sector uh one year ago a a YouTube named har poter Balenciaga went B but uh the uh the both of the uh two important party the original content creator of the Balenciaga and the limix creator of the uh this video could not monetized because there was a no no strict uh IP uh distribution protocol on YouTube or Internet so if we adopt uh IP related blockchain technology anyone can easily liit mix or recreate the existing contents using blockchain technology and both the original content creator and the limix content creator can both benefit carbon credit is one the other example so carbon is carbon credit is the one of the best uh and uh important issue to save the world but these days carbon credit Market is pretty premature it can only be traded in uh National level not by global level because uh the countries cannot believe the other countries carbon Credit Data blockchain can serve this because it's a shared common truth on top of Internet uh and some the other further exam further problem and example can be solved by blockchain technology we are facing many of the new uh challenging government issue uh someday we will conquer the Mars or moon but how we can uh get the governance in the new territory how can you record the property of the moon or Mars uh some the other example is of the government the the property right of the virtual world uh someday we will also spend more time in the virtual world just like as a lady player one uh by Steven spook and we need a definitely need a blockchain technology to get the virtual property right government technology and companies are three important party uh for the uh whole society but these days each of the parties uh are competing each other and making uh uh many uh housing noises so when it uh encounter each other the intersection is getting darker and darker just like as a mixing the paint I can say uh blockchain can solve this just like as a mixing the light uh comparing to the mixing the paint when we mixing the light the intersection is lighter and clearer because uh light is a very transparent protocol uh I I like this uh uh I like this kinds of a metaphor adopt to the blockchain technology so using this kinds of a uh very uh transparent and reliable technology for each parties we can make more harmonized future thank you for [Music] listening e