The world of blockchain technology loves to come together in person at big events, like the recent Korea Blockchain Week in Seoul. With 17,000 attendees and 300 speakers, it’s not surprising that some of the biggest names in the field were on hand. From Vitalik Buterin to Richard Teng of Binance, and even penguins and bears, the event had something for everyone.
Despite the festive atmosphere, there was a sense of unease among attendees. The adoption of blockchain technology has stalled, and with the US election looming, the future of regulation is uncertain.
One of the biggest issues facing the blockchain industry is scalability. Historically, blockchains have struggled with high fees and slow transaction speeds. However, second-layer blockchains have made significant strides in improving scalability. The most popular layer-2 blockchains can now handle millions of transactions per day without a hitch.
Despite this progress, usage hasn’t necessarily picked up. Many are calling for more practical use cases, such as IP content tracking. Story, a blockchain startup, has raised $80 million to build a blockchain for tracking IP usage. Sony Block Solutions Labs has also unveiled its new public blockchain network, Soneium, to help creators protect their rights and share profits fairly.
Others at the event emphasized the need for more consumer-friendly applications. Neoclassic Capital, a crypto investment firm, is focusing on consumer and financial services, including gaming and entertainment. The firm believes that Asia has significant potential for these use cases, given its track record in adopting new technologies.
In the meantime, traditional enterprises are looking to add a crypto twist to their existing products. For example, California DMV is using a blockchain platform to launch its own custom blockchain. Stablecoins are also making their way into mainstream financial and messaging apps.
Overall, the blockchain industry is abuzz with activity, despite uncertainty about the future of regulation. As one attendee noted, “Back in the early days, when people didn’t see the internet as interesting or real, they just kept building it, and eventually it just grew, right? That’s pretty much how I see the [NFT] space as well.”
