[KH Biz Forum] Prepare for the Second Era of the Digital Age: Don Tapscott
Don Tapscott, Executive Chairman of the Blockchain Research Institute in Toronto, speaks during the Korea Herald Biz Forum 2022 held at the Four Seasons Hotel Seoul (Im Se-jun/The Korea Herald)
Humanity is entering a second era of the digital age, with the rise of new technologies such as blockchain and the virtual world. In its transition, new leaders will emerge, which could include South Korea, said renowned tech visionary Don Tapscott.
“There’s no reason why one of the global hubs shouldn’t be Korea,” Tapscott, executive chairman of the Toronto-based Blockchain Research Institute, said Wednesday in Seoul, noting the Asian country’s strength in the related technologies.
Speaking to over 300 attendees at the 2022 Korea Herald Biz Forum held at the Four Seasons Hotel Seoul, Tapscott highlighted a global race currently underway between economies.
“While the first era of digital technology was based in Silicon Valley in the United States, China, which is investing billions of dollars in building the next-level blockchain ecosystem, is expected to be a key player in the second. time.”
“With blockchain and web 3.0, the second era can create a large industry, employment prosperity, etc. But it’s more than a sector, it’s the foundation of an entire economy and there are great opportunities here,” Tapscott continued.
Some key technologies of the new era are the virtual world and the metaverse, in which Asia’s fourth-largest economy is a leader, he noted.
But Tapscott pointed out that blockchain itself can be defined as the second age of the internet, with its transformative and fundamental impact on everything from business to politics.
Explaining how blockchain could reshape the old order, the author of the bestselling “Blockchain Revolution” stuck to his earlier analogy made in 2018, comparing blockchain to a chicken nugget, which was discussed by American comedian John Oliver on the HBO talk show “Last Week Tonight” at the time.
Tapscott described blockchain as a highly processed and disjointed commodity, much like a chicken nugget. He drew parallels between hacking a blockchain and turning a chicken nugget into a chicken.
“It’s an analogy of why blockchain is so secure – something that’s highly processed,” he explained during Wednesday’s forum.
Adding to the transparency of blockchain technology, Tapscott highlighted the security of blockchain technology, saying it could revolutionize “the nature of democracy” due to its unique mechanism that makes it almost impossible to manipulate the system.
This could change the government’s ability to collect and manage taxes as well as the electoral system, he explained. Voters could vote not for politicians but for their campaign promises, as their wishes would be stored in a high-security blockchain network, he said.
By Jung Min-kyung ([email protected])