ETNEWS 2024-11-14
[Original Article] https://www.etnews.com/20241114000314
[19th Smart Finance Conference] Kim Bong-gyu, Executive at Zkrypto - Kim Bong-gyu, Executive at Zkrypto, is giving a presentation on "New Innovative Finance, Tokenomics is Coming." By Park Ji-ho, Reporter, jihopress@etnews.com
In the context of accelerating digital innovation, there are predictions that Artificial Intelligence (AI) finance and token finance will lead the future.
Kim Bong-gyu, Executive at Zkrypto, forecasted on the 14th at the 19th Smart Finance Conference held at the FKI Tower in Yeouido, Seoul, that "Fintech will drive AI finance, while blockchain will lead token finance, forming two major pillars of future finance."
Kim Bong-gyu is a digital finance innovation expert. He previously served as the head of the Digital R&D Center at NH Nonghyup Bank, where he was responsible for planning Korea's first open banking initiative based on open APIs.
Kim explained, "After the 2008 financial crisis, distrust in traditional finance grew, leading to the emergence of innovative financial services through fintech and blockchain technologies." He further stated, "Fintech is evolving into AI-based finance with hyper-personalization, based on MyData, across four key areas: simple payments, easy remittances, internet-only banks, and asset management."
He particularly focused on "Tokenomics," a new financial ecosystem created by blockchain technology. With developments such as the central bank digital currency (CBDC) led by the Bank of Korea and tokenized securities, tokenomics is driving financial innovation.
Kim explained, "Blockchain-based tokenomics is creating a new financial ecosystem based on transparency and trust." He noted that business models integrating tokens with traditional finance are emerging, including exchanges, derivatives, crypto loans, stablecoins, and crypto custodianship.
Kim added, "As the tokenomics era arrives, the battle in the financial sector will no longer be about accounts but about securing wallets." He emphasized that the extent to which wallets, which store virtual assets and non-fungible tokens (NFTs), are utilized will be crucial.
He also mentioned, "We need to prepare for the expanding market of asset tokenization, including real estate, ships, artworks, films, music, game items, and agricultural products." He emphasized that finding business models well-linked with CBDC tokens, which are central to digital finance, will be critical.
However, privacy protection remains a major issue in the tokenomics era.
Kim pointed out, "Blockchain data privacy issues cannot be resolved by encryption alone. To fully utilize blockchain as a service platform, this problem must be addressed." He explained that while complex encryption can protect personal data, it creates difficulties in identity and transaction verification, presenting a dilemma that needs to be solved.
Kim also stated, "Zero-knowledge proofs, which allow a person to prove they know something without revealing the actual information, are being researched as a new technology." He believes that this approach could be applied not only in blockchain but also in various services like digital gift certificates, rental transactions, and secure transactions.
Zero-knowledge proof refers to a method where a person can prove they know certain information without revealing the information itself.
— By Park Yoo-min, Reporter, newmin@etnews.com
Comments