Kim Tae-won: Blockchain unicorn enterprise Glosfer will reshape the economy structure of South Korea
80days ago

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Editors note: South Korea blockchain unicorn Glosfer is the largest enterprise in terms of sales volume in South Korea blockchain industry, and also known as the first generation blockchain company of South Korea.


(South Korea Blockchain Enterprise Glosfer)


South Korea blockchain unicorn Glosfer is the largest enterprise in terms of sales volume in South Korea blockchain industry, and also known as the first generation blockchain company of South Korea. Since its establishment in 2017, it quickly established a development team of more than 100 people and helped more than 20 domestic and foreign enterprises to develop technologies. It made many world-class innovations in South Korea: Nowon, the world's first regional cryptocurrency; PACKUTH, the world's first blockchain platform based on MWB; BITHERE, South Korea's first blockchain-based international remittance service; HYCON, South Korea's large leading public chain. As a man who is a leader of Glosfer, he is not only an entrepreneur, but also a developer, scholar, educator and politician. He is a part-time professor at Dongguk University, and also is the leader of South Korea Financial Technology Industry Association, Open Blockchain Industry Association, South Korea Blockchain Industry Revitalization Association and South Korea Blockchain Innovation Association. He also is an advisory committee member of South Korea copyright protection institution, a committee chairman of the 4th industry department of Gwangju innovation promotion commission, a committee member of Cholla-bukdo policy consultative institution. The combination of qualifications and contacts from industry and government also gives this young enterprise a more powerful and reliable consulting team: Lee Jaesul, a representative of Deloitte consulting in South Korea; Jeon Hongryel, deputy director of the financial supervision bureau; Song Sangyeop, advisory committee member of the national informatization strategy committee; Kim Hyungjoo, former deputy mayor of Seoul; Seo Byungmun, vice president of Samsung electronics, etc. Why are so many important politicians and businessmen willing to endorse for blockchain companies? So how is this man behind Glosfer different from you and me? What kind of changes is blockchain bringing to South Korean society?

图片2.png(Glosfer CEO/CTO, Kim Tae-won)

Kim Tae-won, a 33 South Korean, had the same hobby as most young people when he was a student. This hobby is what his parents saw as a problem: "playing games". Kim's parents even sent him home from the glitzy capital, Seoul. However, his love of computers eventually won the approval of his parents. Kim, who was interested in programming and hacking since he was a child, was admitted to the computational engineering department of Dongguk university. Not long after graduation, he worked as a developer of BITWHERE, the third largest bitcoin trading platform in South Korea, in 2014. Kim's understanding of bitcoin leads him to develop a strong interest in blockchain technology. In March 2017, he founded Glosfer, focusing on the application of blockchain technology, and served as the dual role of CEO and CTO. Glosfer is a very interesting name: Global + Transfer. Kim hopes to find the future of the next generation in South Korea through using blockchain technology.


(South Korea's high-tech economy has a high interest in blockchain)


There have some reasons for Mesozoic like KIM to seek for technology and improve society. South Korea rapidly cheered up after the Asian financial crisis in 1997, due to the reforms from president Kim including enterprise, finance, public utilities and labor social security in 1998. Foreign exchange reserves have reached the world's fifth in 2001, the economic structure changed from a lower products export-oriented economy into a high science and technology information. Even during the global financial crisis of 2008, the economy was able to achieve positive economic growth in 2009, and it is still among the top 10 countries of foreign exchange reserves in the world.

The South Korea government also adopt a positive attitude to the development of blockchain industry. Despite they once banned the ICO, but they support the development of blockchain technology, such as measures: local government imported blockchain technology to improve efficiency and economy; ministry of science and technology prepared 230 billion KRW for blockchain development fund; the tax cuts of blockchain technology company etc. In the June 2018, the ICO opened under strict regulation. From the case of Kim Tae-won, we can see the vitality and hope that South Korea brings to the society in national policies and innovative technology industries.


Blockchain application that emphasizes the transformation of social value: Nowon Cash in Seoul's Luyuan District


Most blockchain projects draw a pie of global scale, but they also face severe technical efficiency difficulties, lack of users in the huge token economy, regulatory challenges and other problems. A few cases such as hype and fraud also make the token financing market enter to a cold winter. However, the return to blockchain and distributed ledger technology can bring efficiency improvement and transparency to governments, banks and enterprises. In recent years, we know from the development of IBM's supply chain platform, the appearance of Jpmorgan chase JPM coin, the rapid expansion of Facebook's Global coin, R3 and Hyperledger, the confirmation system of governments, and the digital identity system that the traditional world is quietly entering the blockchain.


"Blockchain technology is not limited to Token technology, it defines the unique technology to achieve direct democracy. "Kim Tae-won told South Korean media in an interview. He stressed the importance of trust in the Internet. What he is concerning is that as the largest intermediary, the government through technology to solve corruption, public policy and other information transparency issues.


(Luyuan district, Seoul, South Korea)


Kim Tae-won, a professor at Dongguk university, Luyuan district, Seoul and a vice president of the Korea Blockchain Industrial Promotion Association (KBIPA), brings blockchain companies a more macro and social operational direction. Glosfer came up with an interesting solution as early as 2017: Local Cryptocurrency. The program allows residents of the Luyuan district to register on a blockchain and acquire Nowon Cash when they volunteer or donate money. People can use Nowon Cash to spend at stores in the area. Glosfer's project won praise from Luyuan district governor Seong-hwan Kim, who said the project not only transforms social values into economic values, but also improves transparency and convenience through blockchain. Tae-won Kim also announced in the plan that he would work to supply blockchain technology to transparency agencies including governments and non-profit organizations. Glosfer's systems are used by smart cities, local currencies, government proposal evaluation systems, shipping logistics and psychiatric care. Glosfer is also listed in six major pilot enterprises designated by the South Korean government last year and 12 major pilot enterprises this year.



(Nowon Cash, a local cryptocurrency in Seoul's Luyuan district)


This is a leading case that South Korea actively import blockchain entity application. From 2018, it has promoted the S-coin proposed by the Mayor of Seoul and the Korea Financial Services Commission (FSC) plans to simplify the verification of blockchain to protect customer privacy. The Korea Internet Promotion Agency and the Housing Finance Corporation signed a memorandum to improve the electronic document based on blockchain technology. In addition, Jeju island, Busan, Gyeonggi province, Daegu and other places of South Korea are interested in developing as blockchain technology center, South Korea's international competitiveness in the next decade will be very foreseeable.


(Seoul mayor Park won-soon announced to launch Seoul cryptocurrency S coin In March 2018)


Societies dominated by monopoly enterprises are being reshaped by blockchain


Led by five major groups (Samsung, Hyundai, SK, LG and Rakuten) for years, the South Korean society is undergoing new chemical changes due to blockchain. Samsung group launched the blockchain platform Nexfinance for the financial industry in June 2018, and is considering developing the blockchain general ledger system to manage the huge global supply network. Samsung is also making ASIC hardware chips to compete in the bitcoin mining market. At "Blockchain Seoul 2018 summit", Rok Lotte information and communication corporation demonstrated the fresh food delivery service based on Blockchain technology, building an efficient and safe logistics system with the help of Blockchain technology. 

图片8.png(Glosfer CEO/CTO Kim Tae-won enhances corporate and government effectiveness through the blockchain)


From his work experience in public institutions and enterprises, Kim Tae-won discovered the importance of Data Base Management Systems (DBMSS). In 2017, the market size in South Korea reached 619.2 billion KRW (about 520 million dollars), and the global market size was more than 40 billion dollars. However, its security and maintenance costs are quite high. Kim Tae-won with technology professional and commercial sensitivity, launched the commercial blockchain platform (Glosfer ENTERPRISE PLATFORM, GEP) to solve the pain points, and he through the blockchain of tamper-resistant and transparency to improve the safety of the past. Offering more convenient development tools for enterprises and government can seamlessly integrate, and Glosfer public chain HYCON can improve data security. By virtue of its technical expertise and business sensitivity, Kim Tae-won will probably implement the application of real industry in the chain and take DApp out of the environment full of gambling attributes by relying on the development experience of previous cooperation with the government and enterprises. Currently, the user number serviced by GEP is as follows: Nowon regional monetary user of 530000, Yong Dengpu district proposal evaluation system used by 300 organ units, 10 million users of T-money traffic card, 2.69 million users of fitness in Daegu qingshan city, 11 million users of tourism blockchain demonstration industry in Jeollabuk-do, 1.75 million users of smart city in Gwangju Metropolitan city and other GEP users. Besides, more users are expected after the construction of services.

图片9.png(Kim Tae-won was the unique Korean speaker in Science and Technology Forum PIONEERS'18 hosted by Vienna)

Early adopter of emerging technologies like Kim Tae-won help the South Korean government and enterprises with the regulatory and business innovation. In an interview with Korean media giant SBS-CNBC and a professor at Chung-Ang university, Kim Tae-won made Suggestions on the government's regulatory measures and helped correct the wrong impression among the Korean public that blockchain equals hype. Commenting on a public hearing of cryptocurrencies sponsored by the South Korea government, he said that the government must understand the nature of cryptocurrencies before drawing up regulations. "Speculation" may be the current regulatory goal, but it is more important to realize the significance of technology and the future development of the market.  Kim Tae-won started the Nowon project in 2017, which has brought great influence to the later Korean enterprises and start-ups. He established his position in the field of pioneering technology. Kim Tae-won was the unique Korean speaker in Science and Technology Forum PIONEERS'18 hosted by Vienna. From the case of a Korean Mesozoic, we can see that blockchain is transforming social development, which will bring opportunities for more new generations in this field.

This article is reproduced only, does not constitute an investment opinion



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