[LONDON] To many it seems the blockchain revolution has just begun, yet Asia is already far ahead regarding awareness, adoption and mining. Abeed Janmohamed, CEO of Papyrus, based in London explained in an interview with Korea IT Times, how the East and West compare in the cryptocurrency and blockchain space and why the continent of Asia is uniquely situated to command blockchain technology.
How do the East and West compare in the cryptocurrency and blockchain space?
It's an Interesting question. I would say that From a crypto perspective, the East - based on my experience - is more comfortable with the concepts and how best to trade and leverage crypto assets. When I was recently in Seoul at an investor event, someone mentioned to me that 1/3 of the world’s Ethereum was held in Korea. That gives you a sense of the East’s knowledge and comfort levels.
On blockchain technology, the West has been looking at integrating blockchain into their business processes for a number of years, but a lot of this is driven by the private/corporate sector.
There is a huge amount of investment in blockchain projects and specifically ICOs that are coming from the East. A number of entrepreneurs are focusing on the east, driven in the main by the East’s comfort around crypto and tokens.
Why is the continent of Asia uniquely situated to command blockchain technology?
Asia is uniquely situation to command blockchain technology because the investor community and profile in Asia is younger and more open to innovation than in traditional economies. The fact that 1/3 of the world's eth is held in Korea, and that there are a number of exchanges in Asia, gives them a unique advantage. The barriers to entry in Asia are also lower as they are growing economies that have grown up with mobile and smartphone technology and are very adept and open to digital means of payment and transactions.
Why are Asian consumers early adopters of blockchain and cryptocurrencies?
Asian consumers are early adopters of blockchain and cryptocurrencies because their fast-growing economies are driven by digital technology and they’re mobile first. They have very technical mindsets and they also want to push the boundaries.
Why are Asian regulators more receptive and open to the technology’s potential?
Asian regulators are more receptive and open to it because they have a better understanding of the technology and the role that crypto plays in the ecosystem, and the role it could play in the economy. They’re also more open to innovation overall.
How will Asia’s leading role in blockchain affect the global economy?
Wish I had a crystal ball! The reality is, blockchain technology is in its infancy - and while its developing fast, it takes time for disruptive technology to really take hold in traditional industries. Education is key and that will speed adoption as will the fact that the rails already exist through the internet and smartphone technology. It will take, in my view, 18-36 months for the technology to really become mainstream and develop out the used cases that demonstrate the value it can add. Asia's role in blockchain and as early adopters overall will give them a unique position when the technology does become mainstream.
Can you share summary of your Bloconomic talk?
It’s focused on the ecosystem play that is required for blockchain to become mainstream in the advertising sector - as well as highlights some of the key challenges that exist with traditional blockchains.
Digital advertising, the fastest growing marketing channel with its $223 billion, has been essential in the way we consume goods and services. However, in its current state, the online advertising ecosystem is unproductive, disorganized and opaque. In fact, it has been referred to as the “most inefficient” industry in the world. The current market for digital advertising was innovative for the needs of the early Internet, but not anymore. Market conditions and trends change quickly, digital advertising needs are growing in complexity, yet their structures are inherently outdated and incapable of any magnitude of reform. As advertising is the blood and fuel of the Internet economy, it is ripe for a blockchain revolution.
Papyrus is a universal blockchain platform specifically that connects advertisers, publishers, agencies, advertising platforms and verifiers within Papyrus blockchain network to create trust, fairness and efficiency within digital advertising market.