Blockchain
Hankyung.com : CEO Kim Pan-Jong of Medium Sits Down with the Electronic Times for an Exclusive Interview
Blockchain has been seen as a technology that will lead the future for many years. However, only a very small number of blockchain services has actually been commercialized.
http://pr.hankyung.com/wp-content/uploads/2020/12/KakaoTalk_20201208_124726419.jpg
Kim Pan-jong of Medium (Source: Medium)>
Medium, a South Korean company specializing in blockchain, analyzed that lack of performance as the main reason why commercialization of blockchain technologies has been slow and it has been focusing on technology development in order to implement high-performance blockchain technology.
The Electronic Times met with CEO Kim Pan-jong of Medium and listened to his explanation about his company’s plan for future blockchain technology.
Q. Please introduce about your company Medium.
A. Medium is a blockchain startup that was established in October of 2018 and it has been focusing on blockchain technology with a confidence that blockchain technology will be a necessary technology in the rapidly changing Fourth Industrial Revolution with inherent values such as integrity and decentralization. We currently have about 70 employees, and more than 70% of them are experts in blockchain. We are hiring top engineers from South Korea and other countries continuously in order to enhance our blockchain technology.
Q. What was the reason that made you start blockchain business?
A. Since coming to know about blockchain technology for the first time in 2015, I have been studying the market and the technology with passion. During the process, I have become confident about business value and potential growth of blockchain technology. Because I had a faith that there would be a time when blockchain’s technological nature and values’ impact on the entire field of ICT will be maximized, I jumped into the business without any hesitation. Just like how Gartner is estimating that the global blockchain market will be worth $3.1 trillion in 2030, I predict that blockchain technology will assist digital innovation and establish itself as a key element throughout different industries.
Q. What is the reason that you are focusing on processing speed and performance of blockchain?
A. Medium’s high-performance blockchain technology started with the fact that the current performance of blockchain does not meet the level of requirements for commercialization. Although most of blockchain companies are focusing on improving their blockchains from a software aspect, they have yet to come up with meaningful results. We believed that a blockchain hardware unit would be used to improve processing performance of blockchain. Although some companies throughout the world made attempts to prove our belief, no company has not been able to except Medium. We have been able to prove and improve our belief gradually. It will certainly take some time before blockchain technology is commercialized and becomes a universal technology. However, if it took ten years for cloud computing technology to be established as a universal technology, it will take much less time before blockchain technology is commercialized considering the digital transformation trend and the current climate of industries shifting towards contactless measures. Both public and financial industries continue to adopt blockchain technology, and blockchain technology will ultimately be used to process enormous amount of data from a global perspective. This is why we are focusing on developing stable and high-performance blockchain technology that can become a global and leading standard.
Q. Please explain the reason why Medium is pushing for development of a blockchain hardware.
A. Our goal when it comes to research and development is to implement high performance. We are currently conducting studies on improving performance of core technology that is the foundation for implementing high performance and maximizing implementation of high performance through processing exclusively for blockchain. This approach is a technological idea that is definitely different from other blockchain companies. We are continuing our studies on development of blockchain hardware to implement high performance.
Q. What are some characteristics of Medium Distributed Ledger?
While the capacity of Hyperledger Fabric (HLF) that is used the most globally is currently at about 3,000 TPS (Transactions Per Second), the capacity of MDL is 15,000 TPS. Compared to HLF, MDL provides five times better performance. It is also perfectly compatible with HLF allowing easy transition for the current HLF customers and it also makes interaction with other mutual settlement systems easier. MDL is becoming more improved each day so that its customers can focus on their businesses without having to worry about performance of blockchain core technology. We are also trying to eliminate any inconvenience in installing or using MDL by emphasizing easy installation and use throughout the MDL development process so that engineers and professionals who have difficulties in adopting and using blockchain technology can easily adopt and use blockchain technology.
Q. Tell us about few examples where Medium’s superfast blockchain technology are currently used.
A. We recently signed a contract with Korea Minting and Security Printing Corporation (KOMSCO) regarding supplying our MDL blockchain solution and setting up a BMT (benchmark test) environment and had carried out necessary tasks. KOMSCO is currently participating in a blockchain-based project, which is led by many government agencies, and it also has a separate blockchain research department within its Information Technology Research Center to conduct various studies.
To set up a BMT environment for measuring performance of blockchain platforms including HLF, we had carried out a project that utilized our MDL solution and applied Hyperledger Caliper. We plan to continue to support KOMSCO with its studies on blockchain. We also supplied a MBPU (MEDIUM Blockchain Processing Unit) to Finger that is the overseeing agency of Korea Expressway Corporation’s mutual trust settlement system construction project that was carried out this year as part of Korea Internet & Security Agency’s research and development project. We are currently verifying technology regarding expandability and stability for rapid processing of transaction data in an overcrowded section of Hi-pass’s settlement data in order to prepare for a commercialization process after this pilot project is completed well. Once a PoC (Proof of Concept) is carried out well, we plan to continue our strategic partnership with Finger.
Q. What is the reason behind so many positive reviews of “MDL Test Lab” that was made public in August from global companies?
A. Wipro, Tata Consultancy Services, and Infosys, which are the three major IT service providers in India that is responsible for 55% of IT sourcing tasks in the world, participated in MDL Test Lab. Blockchain-based database (DB) management system company called Peersafe based in China and an American system integration and consulting company called Cognizant also participated in MDL Test Lab. Most of these companies are top-tier IT companies that have more than 100,000 executives and employees.
Through MDL Test Lab that was carried out for about two months, we were able to confirm once again that our unique blockchain technical skills are useful globally. Actually, we are currently in discussions with companies that participated in MDL Test Lab about specific businesses. We even received an inquiry from a company based in Europe. Although we cannot disclose its name, it is a Greek company that specializes in ICT for the financial sector in Greece and we are in constant communications with the company.
Q. Please give us detailed information about the company’s plan to expand its business towards software.
A. Our blockchain technology is able to provide performance that is far superior than that of HLF with just improvement in software. In order to have our customers adopt high-performance blockchain easily, we have introduced a business model that can be used as a form of software without a change in hardware. We expect that the model is able to greatly alleviate concerns such as cost and time that customers may face while adopting blockchain technology.
Q. Please explain any project or strategy that Medium is planning to create and vitalize its ecosystem.
A. The global blockchain market is still in an initial stage, and the blockchain market in South Korea is even more insignificant. According to a report from Software Policy & Research Institute, the entire revenue from the blockchain industry in 2019 was around $111 million (120 billion KRW). 87% of the revenue came from major companies, and these companies had an annual revenue of only $1.85 million (2 billion KRW) on average.
This report indicates that it is not easy to make revenue for startups in South Korea. Ultimately, startups need to target foreign markets, and we are one of the startups that are preparing a campaign to target the global blockchain market.
We have decided the code name of our campaign to be ARMY that is the same name as the fan club of BTS. ARMY played a major role in raising status of K-POP, which was seen as a nonmainstream music from a third-world country, in major markets in an instant by utilizing the YouTube platform. Now, ARMY is seen throughout the world. The goal of MDL ARMY Campaign is to create a group of global companies based on the MDL blockchain solution so that blockchain technology can be commercialized and grow globally after going through stages of PoC and verification.
Around 600 global companies are registered as part of our customer relationship management (CRM), and there are more than 2,000 contact points alone. Through the ARMY Campaign, we plan to supply the MDL solution to 1,000 customers by early 2021. We are able to provide technical support depending on requests from these companies, and the solution provided to the companies will develop into a subscribed model. We expect that this process will present a new standard to the distribution structure of global blockchain solutions that do not have a clear standard as of yet.
Q. How do you foresee blockchain industries in South Korea and other countries in long term?
A. Blockchain will bring an enormous amount of impact as its technological value becomes realized. Many companies are continuing their studies in order to apply blockchain technology to real life, and there needs to be a process of verifying blockchain’s technological values through various forms of reference. This process is same as how innovative technologies such as AI and IoT (Internet of Things) have been applied to our lives, and I believe that the process will be much faster than other innovative technologies.
Digital transformation that is taking place globally due to the COVID-19 pandemic is triggering the process, and digital innovation is taking place globally in both public and private sectors at a speed that has never been seen before. This will lead to formation of blockchain markets through minor and major practical activities by government groups and companies and it can quickly lead to formation of a market on a global level.
Actually, many different fields such as mutual settlement or DID (Decentralized ID), distribution supply chain management (SCM), and digital asset and blockchain game are accelerating adoption of blockchain technology. Although no one can guarantee which industrial field will be the first one to open the gate of blockchain technology, how ready industrial fields are prepared for this rapid innovation will determine whether they will be the leaders or the followers in the global blockchain market.
Q. Please explain about the company’s future goals including global plans.
A. Our company plans to focus entirely on the ARMY Campaign. Every executives and employees are meeting with global customers online and are already working very hard in commercializing and improving the MDL blockchain solution so that they are pleased with our solution. Although there are time differences, our engineers and salespeople are working day and night in order to communicate with customers.
The global blockchain market is already our goal and it will not change. We were able to verify the need for high-performance blockchain technology through MDL Test Lab and inquiries from global companies and we plan to implement performance that satisfies their requirements. We are extremely confident especially when it comes to blockchain technology. We are going to make more business opportunities with global companies in the next two years. We hope to inform the global blockchain market about the MDL solution through the ARMY campaign and create a mindset that blockchain that can be used in an everyday life is ultimately a high-performance blockchain technology through MDL.
SOURCE Hankyung.com
Blockchain
Blocks & Headlines: Today in Blockchain – January 30, 2025 (Qubetica, BTQ, Binance, EVIANCX)
The world of blockchain and cryptocurrency continues to evolve, with new projects, technological breakthroughs, and strategic investments shaping the landscape. As 2025 unfolds, the blockchain industry is being propelled forward by innovation, partnerships, and a deeper exploration of blockchain’s potential across diverse sectors. In this edition of Blocks & Headlines: Today in Blockchain, we take a closer look at the latest developments in the blockchain space, from new projects to quantum alternatives and the return of a major crypto figure.
1. Layer Qubetica: Blockchain Solutions for Real-World Use Cases
Source: The Independent
Qubetica, a new blockchain project, is making waves by developing solutions that aim to bridge the gap between blockchain technology and real-world applications. This platform is designed to provide secure and scalable blockchain solutions for businesses looking to enhance their operations with decentralized technology.
The core focus of Qubetica’s blockchain solutions lies in improving supply chain transparency, reducing fraud, and increasing efficiency across industries. One of the standout features of the platform is its ability to integrate seamlessly with existing systems, offering a straightforward approach for businesses to adopt blockchain without disrupting their current operations.
Blockchain technology has often been criticized for its complexity and steep learning curve, especially for companies that are new to the space. However, Qubetica’s user-friendly approach could help demystify blockchain for businesses across various sectors, including logistics, finance, and healthcare. This is a major shift in the blockchain industry, as more companies begin to see the potential of this technology beyond just cryptocurrency and DeFi projects.
The introduction of such accessible blockchain solutions is a significant milestone for the industry, as it demonstrates blockchain’s versatility and potential to revolutionize industries far beyond crypto.
2. BTQ Proposes Quantum Alternative to Crypto’s Proof of Work
Source: CoinDesk
As the cryptocurrency space continues to evolve, so does the need for more energy-efficient consensus mechanisms. Enter BTQ, a company proposing a quantum computing-based alternative to the widely used proof-of-work (PoW) consensus mechanism that underpins many cryptocurrencies like Bitcoin.
BTQ’s proposal aims to address one of the biggest criticisms of PoW: its environmental impact. While PoW requires vast amounts of computational power and energy to validate transactions and secure the network, BTQ believes quantum computing offers a far more efficient solution. Quantum computing, which leverages the principles of quantum mechanics, has the potential to solve complex problems much faster than traditional computers, making it an ideal candidate for powering blockchain networks without the energy-intensive demands of PoW.
This proposal could have far-reaching implications for the future of cryptocurrencies and blockchain technology. If successful, it could not only make cryptocurrencies more sustainable but also introduce a new paradigm for securing blockchain networks. Quantum computing is still in its early stages, but if BTQ’s proposal gains traction, it could signal the beginning of a new era in blockchain development.
3. Binance’s CZ Returns to Crypto with $16M Investment in Sign
Source: CoinDesk
Changpeng Zhao, better known as CZ, the CEO of Binance, has made a return to the crypto space with a $16 million investment into Sign, a blockchain-based messaging platform. This move comes after a period of relative silence from CZ, following the turbulence Binance faced in 2024 with regulatory scrutiny and market fluctuations.
Sign, which is designed to offer a decentralized alternative to traditional messaging platforms, promises enhanced privacy and security by leveraging blockchain technology. The platform is set to allow users to send encrypted messages without relying on centralized servers, giving them greater control over their data.
CZ’s investment is seen as a strong endorsement of Sign’s potential, signaling that Binance’s leadership remains confident in the future of blockchain beyond cryptocurrency trading. This move also highlights the growing interest in Web3 technologies, which aim to decentralize the internet and give users more control over their digital interactions. With CZ’s backing, Sign is poised to gain traction in the growing Web3 ecosystem.
As more blockchain applications extend beyond finance, CZ’s investment is an indication of the expanding use cases for blockchain technology, especially in areas like communication and data privacy. It also suggests that Binance, despite its recent challenges, is still positioning itself at the forefront of the broader blockchain revolution.
4. Nine Surprising Ways Blockchain Technology is Making a Difference
Source: GeekSide
Blockchain technology’s potential extends far beyond cryptocurrencies like Bitcoin and Ethereum. In a recent article by GeekSide, nine unexpected ways that blockchain is being used to solve real-world problems were explored, including in sectors like healthcare, education, and entertainment.
One of the most surprising applications is in healthcare, where blockchain is being used to track the provenance of medical supplies and pharmaceuticals. By ensuring that drugs and equipment are sourced from legitimate suppliers and are handled according to strict regulations, blockchain can help combat counterfeit drugs and improve patient safety.
In education, blockchain is being used to issue verifiable certificates and diplomas. This not only makes it easier for employers to verify candidates’ credentials but also ensures that students’ achievements are securely stored and cannot be tampered with.
The entertainment industry is also embracing blockchain for creating decentralized platforms that allow content creators to retain more control over their work and receive direct compensation for their efforts. This is a stark contrast to traditional models, where middlemen often take a significant portion of the revenue.
These applications demonstrate that blockchain’s potential is far-reaching and that the technology is being adopted across industries in ways that were once considered improbable. As more organizations realize the benefits of decentralization, blockchain will likely become a core component of many sectors.
5. EVIANCX: Enhancing Cryptocurrency and Blockchain Usage in Latin America
Source: GlobeNewswire
EVIANCX, a blockchain platform focused on enhancing the cryptocurrency ecosystem in Latin America, has made significant strides in improving access to decentralized finance (DeFi) and blockchain-based services in the region. The company’s efforts aim to address the challenges faced by Latin American countries, where economic instability, inflation, and lack of access to traditional banking services have led to the rapid adoption of cryptocurrencies.
EVIANCX is working to create a more inclusive financial system by enabling people to use cryptocurrency for everyday transactions, including remittances, payments, and savings. The platform’s innovative features also focus on providing educational resources to help users better understand blockchain and cryptocurrency, thereby empowering them to take control of their financial futures.
The growth of blockchain technology in Latin America is part of a broader global trend toward decentralized finance and digital currencies. As traditional financial institutions struggle to keep up with the demand for more inclusive and accessible financial services, blockchain-based platforms like EVIANCX are filling the gap, offering a glimpse into the future of global finance.
This is a significant development for the crypto space, as it demonstrates how blockchain can be used to empower underserved populations and create more equitable financial systems. The rise of blockchain in Latin America will likely have a lasting impact on the global adoption of cryptocurrency and DeFi technologies.
Conclusion: Blockchain’s Expanding Reach
The latest developments in blockchain and cryptocurrency show just how far the technology has come since its inception. From improving supply chain transparency and enhancing messaging security to exploring quantum alternatives to proof of work, blockchain is proving its potential to revolutionize industries across the globe. As the technology matures, we can expect to see even more innovative use cases that extend well beyond the world of digital currencies.
With companies like Qubetica and EVIANCX pushing blockchain into real-world applications and industry leaders like CZ continuing to invest in the space, the blockchain and cryptocurrency ecosystems are set to continue their rapid evolution. As blockchain technology finds its footing in sectors like healthcare, education, and communications, its long-term impact could be nothing short of transformative. The future of blockchain is bright, and its possibilities are just beginning to unfold.
The post Blocks & Headlines: Today in Blockchain – January 30, 2025 (Qubetica, BTQ, Binance, EVIANCX) appeared first on News, Events, Advertising Options.
Blockchain
Micro, Small and Medium Enterprise (MSME) Financing Global Strategic Business Report 2025: Shift Towards Sustainable and Green Financing Solutions Expands Market Potential – Global Forecasts to 2030
Micro, Small and Medium Enterprise (MSME) Financing Market
Blockchain
Blocks & Headlines: Today in Blockchain – January 28, 2025 (EVIANCX, Abstract, Venice, KPMG, Hashgraph Group)
Blockchain technology and cryptocurrency continue to redefine industries worldwide, driving innovation and creating new opportunities. In today’s edition of “Blocks & Headlines,” we explore major developments across the blockchain space, highlighting new projects, partnerships, and emerging trends.
Blockchain as a Catalyst for Innovation
The blockchain industry’s transformative potential was the focus of a recent report detailing how decentralized technologies are driving innovation in finance, healthcare, and supply chain management. Blockchain’s transparency and immutability are key factors enabling its adoption across diverse sectors.
In particular, the report noted the technology’s ability to enhance trust and efficiency in processes, reducing costs while improving security.
Analysis: Blockchain’s role as a catalyst for innovation is becoming more evident as industries beyond finance embrace its capabilities. The growing interest underscores the need for continued research and development to unlock its full potential.
Source: Cape Gazette
EVIANCX Enhances Cryptocurrency Usage in Latin America
EVIANCX, a leading blockchain platform, has announced new initiatives aimed at increasing cryptocurrency adoption in Latin America. The company is rolling out solutions to address challenges such as accessibility and education, targeting both businesses and individual users.
By simplifying blockchain technology and expanding infrastructure, EVIANCX seeks to empower communities and drive financial inclusion across the region.
Analysis: Latin America’s growing interest in cryptocurrency is fueled by its potential to address issues such as inflation and limited access to traditional banking services. EVIANCX’s initiatives could significantly enhance the region’s blockchain ecosystem.
Source: GlobeNewswire
Abstract: A Consumer Blockchain for the Masses
The launch of Abstract, a highly anticipated consumer-focused blockchain, marks a significant step toward making cryptocurrency more accessible. Abstract aims to simplify blockchain use cases, offering tools and applications designed for everyday users.
By prioritizing user experience and scalability, Abstract is positioning itself as a gateway for mainstream adoption of blockchain technology.
Analysis: Abstract’s approach to consumer-centric blockchain solutions highlights the industry’s shift toward usability and mass appeal. Simplifying complex systems is crucial for bridging the gap between blockchain enthusiasts and the general public.
Source: PR Newswire
Venice Launches VVV Token to Bridge Blockchain and AI
Venice, a pioneering blockchain project, has unveiled the VVV Token, designed to integrate blockchain with artificial intelligence. The token facilitates data exchange between AI systems and decentralized networks, promising advancements in predictive analytics, automation, and decision-making.
The initiative also includes partnerships with tech companies focused on AI and machine learning, ensuring robust support for the token’s ecosystem.
Analysis: Venice’s innovative fusion of blockchain and AI represents a significant trend in tech convergence. By combining these technologies, the project aims to unlock new possibilities for intelligent, decentralized systems.
Source: CoinSpeaker
KPMG India Partners with Hashgraph Group to Drive Blockchain Adoption
KPMG in India has teamed up with the Hashgraph Group to promote enterprise adoption of Hedera’s distributed ledger technology (DLT). The partnership will focus on delivering blockchain solutions tailored to industries such as finance, healthcare, and supply chain management.
This collaboration aims to leverage Hedera’s high-performance DLT to address scalability and efficiency challenges faced by enterprises.
Analysis: Partnerships like this highlight the growing interest in enterprise-grade blockchain solutions. By collaborating with established firms, blockchain projects can accelerate adoption and address real-world business needs.
Source: PR Newswire
Key Trends and Insights
- Consumer-Centric Blockchain: The launch of Abstract underscores the importance of user-friendly solutions in driving mainstream adoption of blockchain technology.
- Blockchain-AI Convergence: Projects like Venice’s VVV Token highlight the potential of integrating blockchain with artificial intelligence to create smarter, more efficient systems.
- Regional Focus: EVIANCX’s initiatives in Latin America demonstrate the growing importance of localized blockchain solutions that address specific regional challenges.
- Enterprise Collaboration: Partnerships such as KPMG India’s collaboration with Hashgraph Group emphasize the role of established enterprises in accelerating blockchain adoption.
- Broader Adoption: Blockchain’s application across industries continues to expand, showcasing its versatility and potential to drive innovation beyond cryptocurrency.
The post Blocks & Headlines: Today in Blockchain – January 28, 2025 (EVIANCX, Abstract, Venice, KPMG, Hashgraph Group) appeared first on News, Events, Advertising Options.
-
Blockchain Press Releases6 days agoSquaredFinancial adds the Trump and Melania meme coins to its crypto offering
-
Blockchain6 days agoAndrew Cardno to speak on the session titled “The Seven Forces Transforming Our Industry (Whether We Like It or Not)”
-
Blockchain6 days ago
Blocks & Headlines: Today in Blockchain – January 24, 2025 (IBM, SAP, Oracle, Bitfury Group, Auxesis Services Technologies, Binance, European Central Bank)
-
Blockchain7 days ago
Blocks & Headlines: Today in Blockchain (Ethereum, Quantum Emotions, Pepeto, Zeus Investments, AgileGTM)
-
Blockchain7 days ago
Humanity Protocol and Open Campus Partner to Integrate Achievements and Interoperable Credentials for Decentralized Education
-
Blockchain7 days ago
Life DeFi and Flashy Cash Announce Strategic Merger to Advance Decentralized Finance
-
Blockchain3 days ago
Blocks & Headlines: Today in Blockchain – January 27, 2025 (Metropolitan Museum of Art, Binance Academy, Amazon Web Services, Gate Ventures, Morph VC Collective, NASA)
-
Blockchain3 days ago
DYOR Partners with Ava Labs, Announces Major Developments With Matt Dyor Joining as Advisor Plus Acquisition of DYOR.com
