On March 15, 2018, the “2018 TOKENSKY Blockchain Conference and TOKEN Products & Equipment Exhibition” officially ended in Seoul, Republic of Korea. Even though there now exists a so-called bear market for virtual currencies, more than 2,000 visitors from home and abroad attended the event. Numerous blockchain technologies were promoted and competed at the conference.
Quan Qisheng, the 20th Congressman of Republic of Korea, shared his views and predictions regarding blockchain at the conference. He believes blockchain has surpassed digital currency and become an important means of building a complete database. It is a completely different Internet service. As a politician, Quan Qisheng believes that blockchain can be used in elections so that civil rights can be directly, conveniently and truly realized by the voters themselves.
Previously, the South Korean government’s attitude toward the supervision of digital currency has been ambiguous and relevant policies introduced have not been implemented. However, it is clear that digital currency transactions will not be banned, and that policies to legalize digital currency exchanges will be issued. There are even rumors that the ICO restrictions will be lifted somewhat.
At the Ruff Chain booth, we also met many local blockchain practitioners, including investors, media and chambers of commerce, and others. Enthusiasm for blockchain is no less than ours, especially from some traditional enterprises. For example, a Korean company engaged in the chemical industry brought a group of people and an interpreter to the booth to learn more, with people writing notes down while listening. Obviously, the popularity of blockchain technology and digital currency has far surpassed that of the Internet overall.
The conference gathered a large number of companies from the blockchain field, from Safe Wallet to Hardware Wallet, from pet games to automotive blockchain projects. It seems that many projects that were once started in the Internet field have now also appeared in the blockchain industry. Ruff Chain, as a blockchain project of the IoT, has attracted the attention and interest of many audiences. Everyone is curious about the application of public chains in real life.
Taking the shared charging stations which will be quite common in the future as an example, when consumers are actually using them, the charging station can upload some valuable settlement data to public chain of Ruff Chain. The charging station enterprises can issue their Tokens in public chain of Ruff Chain. Every time consumers use the charging station, they can purchase the Token to pay for the service. The real rights transaction therefore is realized. At the same time, charging station enterprises achieves rapid business expansion in the market through the circulation of Token, while the Tokens consumers possess have a lot appreciation room. The decentralized real rights transaction therefore is realized.
With regard to the access layer of the IoT, Ruff began developing Ruff OS, an IoT operating system, in 2014 to address the gap between hardware and software in the IoT field and to address the fragmentation and standardization of the IoT. So far, Ruff has accessed numerous physical customers in the fields of industry, agriculture and energy, and helped them transit to adjust to IoT environment. In the future, after access and connection with network is established, some data will be uploaded to the chain.
Many technicians on the site are very interested by the future applications of Ruff Chain. In the near future, we believe it will bring changes to many business models and operating methods.
Next, Ruff Chain will put much more effort in its development. Since the access layer of the IoT has matured, Ruff Chain will try to develop a beta version of the underlying public chain as soon as possible, after which some data from the existing customer will be uploaded to the chain. Thus, the offline real rights transaction will finally be realized.
The current South Korean exhibition proved that the rapid progress of blockchain has allowed myriad fields and industries to now stand on the same starting line. Whoever can rapidly reach the application stage will gain the market advantage after the current trend of blockchain recedes.