Blockchain set to break big tech’s monopoly on wealth

CEO Kim Seo-joon. (Han Joo-hyung)

Hashed CEO Kim Seo-joon addressed the future role of blockchain technology at the 25th World Knowledge Forum hosted by the Maekyung Media Group on Wednesday, highlighting its potential to provide a trusted foundation for diverse stakeholders in a world increasingly defined by digital and real-world interactions.

Kim pointed out that a small number of tech giants including Apple Inc., Google LLC, Amazon, and Microsoft Corp. hold vast amounts of wealth as well as information globally. He noted that these companies profit by adjusting fees and algorithms to their advantage and predicted that such practices would lead to increasing regulation and tax policies across various countries.

While South Korea boasts advanced digital technology, Kim expressed concerns over the rise of AI-powered deepfake crimes. “We have seen a media environment where harmful content can be recklessly spread via digital channels,” he said, warning that AI’s big-date driven learning process could lead to biased outcomes that worsen inequality, particularly if these biases are embedded in the technology itself.

Kim believes that blockchain technology has the potential to address some of these critical issues. “Blockchain is built on a protocol that no single entity can alter at will,” he said. “It enables the creation of networks based on shared values, where the protocol itself becomes the foundation for economic activities.”

He further elaborated on Bitcoin, calling it “the first protocol-based network economic system created by humanity.” One of the key advantages of blockchain-based assets like Bitcoin, Kim explained, is transparency in transactions, where the movement of funds between wallet addresses can be clearly tracked. Unlike traditional financial institutions, which act as custodians, Bitcoin allows for self-custody to offer a more decentralized and secure alternative.

Kim also highlighted practical applications of digital assets in everyday life. Stablecoins, for example, are pegged to traditional currencies and can be used for remittances without transaction fees. He also mentioned the use of non-fungible tokens (NFTs) in areas like concert ticket sales, where they help prevent illegal transactions.