Interview / Global Digital Economist Dr. Paolo Tasca

Paolo Tasca an Italian digital economist who is also the top expert in the field of P2P financial systems, visited South Korea on June 22nd, 2018 to give lecture on blockchain economy, hosted by YAP Company, UCL Blockchain Technology Center, Sogang University. Following the event, Dr. Tasca met with Yun Keun Lee, the chairman of IBEForum Preparation Committee to share a variety of opinions on the blockchain verification and evaluation system, and the collaboration between the Korean and the European industry.

Dr. Tasca is the founder UCL Blockchain Technology Center as well as Energymine. Currently he is on the board of Blockchain Technology Center and is charge of more than 100 members.. He is a blockchain technology advisor to several international organizations such as the European Union Parliament, the United Nations, and Cyprus Blockchain Innovation Center. He is also part of Deutsche Bundesbank and a senior advisor to the Beihang Blockchain & Digital Society Laboratory in Beijing. He continues to participate in multiple research projects related to blockchain and cryptocurrency.

 

About the Global Blockchain and Cryptocurrency Market

Today, there is an enormous amount of blockchains around the world today, and that number continues to increase as more businesses participate from diverse areas. With this trend, many people ask questions regarding the technical aspect. Many businesses can adopt blockchain technology but they are unsure which way to go about it. Right now would be a good time to set that direction.

About Korean Market

I have worked as an ICO project adviser in Korea about 2-3 years ago. I’m not an expert in Korean market, but I know that Korea has some excellent technology and skills. It is definitely an advantage. If used well, Korea could be on the lead in the blockchain market.

However, while its technology is great, Korea still has obstacles such as government regulations. If the government become more flexible and combine that with Korea’s superior technology, the future will be bright.

Yet, there could be gaps during this process. For example, the technological advancement is fast, but the legal side is too restrictive and the time it takes to lift the restrictions is comparatively slow. This gap between technology and government restriction is too great. As the gap continues to grow, globalizing Korean blockchain & cryptocurrency market will be a problem.

 

How does European investors find reliable projects to invest in?

ICO market is pretty developed in Europe. Normally, start-ups require investment at the time of coin development, where investors are divided into professional investors and regular investors. In the case of professional investors, meticulous verifications such as analyzing white papers and other necessary documents are done. If they think project has potential after the verification, they will participate in the pre-ICO stage and will get a big discount of 30 ~ 50%. Sometimes, professional investors will put “all-in” in one project, if they deem it to be successful. Yet, the regular investors are little bit different. First, they obtain information from the mass media and invest in small amount due to not having enough liquidated money. Usually, they will invest in multiple projects in smaller scale.

The Necessity for Blockchain & Cryptocurrency Verification System

In today’s market, the verification system is significant. However, currently such vital system to evaluate and verify a particular blockchain technology, business or cryptocurrency is missing. Now, I have a team that can perform professional analysis for further assessment. Yet, for the general public, they do not usually have such system or professional guidance to help them make a smart investment decision.

 

About IBEForum (International Blockchain Evaluation Forum)

I am very pleased to welcome IBEEoum (International Blockchain Evaluation Forum). It is a necessary organization in the present market. I think it will help the investors in ways that is similar to our team. Our team has professional attorneys and software experts. Last year we reviewed more than 100 white papers. We also provide various advices and recommend projects. We currently have very active interactions with many project teams.

It is possible for the European investment group to interact with Korean Investment Group?

Of course, they can interact with each other. If investment group can network and become an organization to cooperate with verification and fund investment, that would be ideal. Today’s meeting could be an opportunity to collaborate in the future. I would like to further discuss about it but if there is a project we are currently working on and there’s a willing Korean investment group, we can all work as partners. I look forward to work with you in the future.

 

The Future of the Blockchain and Cryptocurrency

People are born to follow good behaviors. However, when interacting with strangers, such mindset is easily broken because there is not trust. Even in the cryptocurrency market, such trust is important. I think blockchain will serve as that promise band, the trust between people. It will work as a safety belt. With blockchain, people will be able to trust each other more, thereby further activating the global market.

 

Dr. Tasca, who is visiting Korea for the first time, said that Korea is well-mixed of Oriental and Western cultures and is fascinated by the atmosphere.

He is a co-editor of fintech book, Bank Transactions beyond Bank and Money. He has also written a variety of scientific papers on blockchains, which was later published by world-renowned scientific journals such as Harvard Business Review.

 

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