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[Electronic Newspaper] EF Single Phase Blockchain, seeing is the beginning of trust

[Source] 26.03.2023 Electronic Newspaper

[ET Sound Phase] Blockchain, seeing is the beginning of trust

In 2018, interest in Bitcoin, which has been on fire, is increasing in Korea, what Bitcoin is in Korea, whether it is a money, a securities or a product, or a blockchain and a virtual asset. There was a lot of controversy and discussion, such as whether it was. In Korea,

the blockchain and virtual assets have been separated so that the blockchain is a useful technology. Since then, government policies have been decided to develop and encourage blockchain technology and to regulate virtual assets speculative.

Since then, domestic blockchain development has been greatly divided. The government and general companies conducted a blockchain project based on private blockchain, and on the other side, the project was carried out based on public blockchain. Five years ago, I didn't know what the blockchain benefits were and what could be the trend of blockchain. When IBM couldn't find a business model in a private blockchain, the public blockchain victory was decided.

Then, in private blockchain, it is necessary to think about whether the business model has not succeeded or whether it is a useful technology without virtual assets. In many services, we must blindly trust the service operating agency. Since institution information is managed only within the institution, it is difficult to know from the outside even if problems such as dialogue, embezzlement, deception, and internal transactions occur. Accordingly, the law and regulation are to audit the institution, and the state issues and manages licenses to institutions that meet regulations in areas that require high trust.

Public blockchain is open to data and transactions as the director, so the internal transactions are transparent and real -time audit is possible. This transparency is a source of trust that can be trusted even if it is an organ without a license. In other words, the usefulness of the blockchain is transparency, and the service is meaningful when operating on the open blockchain.

The future blockchain project should be developed based on a public blockchain by default. With more than 70% of Ethereum -based blockchain developers, we need to develop the Ethereum series for global compatibility.

However, a public blockchain base does not necessarily require speculative virtual assets. If you operate a blockchain with a blockchain as a service (BAAS) or a fixed and stable digital asset, you can minimize the introduction of speculative virtual assets without virtual assets.

The important thing is to encourage public blockchain in terms of public data access that allows data to read. Privacy issues caused by the disclosure of data on public blockchain can be solved by encryption and proof of knowledge. The funding problem that can be caused by anonymous transactions can be solved by introducing audit functions.

From now on, it will be necessary to define public and private blockchain as the data disclosure and separate it from the blockchain operation policy of using virtual assets. In addition, the public blockchain should be developed and encouraged to promote various services by connecting the disclosed data to each other.

Hyun -ok Oh, CEO of zkrypto(Professor, Hanyang University)

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