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The use of blockchain technology in finance will have an impact similar to that of YouTube on the media industry, said Lee Jun-haeng, CEO of South Korea-based crypto financial company Streami.
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Fast facts
- He was speaking at Blockchain Week on Friday in Busan, South Korea, explaining that “in the old days, there was a broadcasting station, the mass media, where producers only pushed out contents that were suited to the taste of a bigger audience. “With YouTube, the contents became very much diversified … now [every content] has consumers on the other side of the world, and anyone can produce content.”
- Lee said that with blockchain, more people in different parts of the world can issue financial assets with a few clicks or a few taps on their mobile devices, without going through large financial institutions.
- He added that blockchain has brought financial liberty to consumers in countries with few banks and limited financial services that previously relied on loan sharks and pawnshops.
- Streami operates GOPAX, one of South Korea’s five licensed exchanges that provide fiat-to-crypto services.
- BWB2022, held in South Korea’s second-largest city of Busan over Oct. 27-29, featured guest speakers such as Changpeng Zhao of Binance and Justin Sun of Tron.
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