“Blockchain will certainly serve as a catalyst for revitalizing the Korean economy. As far as blockchain is concerned, Korea stands a good chance of taking the lead. Now it’s necessary to promote blockchain technology at the national level because it has become one of the growth engines to lead the economy.”

Korea Productivity Center (KPC) Chairman Noh Kyu-sung made the remarks in an interview with Decenter at the center’s headquarters in downtown Seoul Monday, saying, “I will do my best to reinvigorate the blockchain industry.”

Such words as innovation and revolution have followed Noh as a shadow all the time. Having worked as a KPC researcher for two years after 1986, Noh has stints at the Korea Institute for Future Management, the Government Innovation Management Committee of the Ministry of Government Administration and Home Affairs and the Korea Software Engineers Association before serving as a first-term member of the Fourth Industrial Revolution Committee in the Moon Jae-in administration. He was elected the inaugural chairman of the newly inaugurated Blockchain Management Association.

Why does Noh see blockchain as particularly important among new technologies related to the fourth industrial revolution like big data, artificial intelligence (AI), Internet of Things (IOT), autonomous driving, etc.? “Blockchain is a technology Korea can lead,” said Noh, adding that “Korea has difficulty leading big data and AI because other developed countries are dominating them. But Korea with a strong infrastructure will have a chance if it contributes to the development of blockchain that is still in its infancy.”

Of course, Korea cannot take the lead in blockchain at once only because it is a new technology. At present, Korea lags about 29 months behind the United States in blockchain technology. To overturn these circumstances, Noh claims that it’s urgent to ease relevant regulations. “The key is to raise social interest and awareness about core technologies leading the fourth industrial revolution and improve pertinent regulations simultaneously. It would be right to promote technologies and industries stably within the framework of the law,” he said.

It is the Blockchain Management Association that has been launched under the initiative of the KPC to promote technologies and industries within the boundaries of the law. The association, participated in by small and medium businesses, academics and public organizations as well as by large companies, aims to promote the blockchain industry, support the expansion of blockchain technology and enhance the public’s understanding and awareness about blockchain. “KPC will take the lead in spreading blockchain technology. We will also strive to introduce blockchain business models and diagnostic assessment while trying to cooperate with the National Assembly and industry-related ministries with respect to policy development,” Noh said.

What would productivity improvements through blockchain mean to Noh? “There must be complementary ways to improve productivity to address economic problems such as job losses arising from the minimum wage increase and cuts in working hours,” Noh said, insisting that blockchain will contribute a great deal to improving productivity.

He believes that productivity in all industries will improve automatically if costs and time saved through the adoption of blockchain technology are exploited to develop new business models. “We could expect positive effects from the emergence of blockchain technology that would replace undigitized elements such as receipts and trade-related documents.”

Noh predicted that innovative growth and deregulation would speed up further this year. “There is a concern about flexible views on blockchain regulations. It’s true stakeholders are divided widely (about the matter) but we will have to watch as the government may be receptive to new technology this year.” /yjk@decenter.kr

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