Interview / International ICO Specialist Dr.Jochen Biedermann(Head of Blockchain-Asia.com)

Dr. Jochen Biedermann, a global financial expert, visited Korea on May 25. Dr. Biedermann from Germany has served as the Secretary General of the Finance Union of Frankfurt, Germany. As a huge influencer in the financial sector, he has led the financial industry exchange between Europe and Asia. Based on his experience in the free markets, he has recently been working as a blockchain & cryptocurrency market, especially as a ICO specialist. On the 25th of May, Dr. Biedermann met with dailycoinews.com’s CEO Yun Keun Lee, Professor(Sogang Univ) to share his thoughts about Korea's ICO market and discussed the future prospects of IBEForum (International BlockChain EValuation Forum).

Booming Global Blockchain Market

The global block chain market trend is booming. People are applying the blockchain system in all walks of life and it is spreading at a tremendous rate. As a result, there has been an increase in startup companies. Specifically, just as the early days of FinTech simple payment system, the blockchain system can be applied diversely. Cryptocurrency is also in a constant state of change as people come up with new updates and developments.
Having worked in corporate analysis, financial consulting, and international financial transactions, I decided to concentrate on the ICO, based on my experience in the capital markets. 

South Korea from Expert’s Perspective

The Korean market started growing since 2017. However, the government authorities in Korea have a lot of regulations for consumer protection. I have actually visited the Financial Supervisory Service and have spoken to the people involved. It is true that the Korean government still wants to strictly regulate the market but it is expected to be gradually loosen up.

Although I do not understand Korean culture well, I know that huge percentages of young adults participate in the ICO market in Korea. In the process, they can get fortunate. In Germany, young people have a lot of interest, but they are not as spirited as the people in Korea, it’s just an average level of interest.

As I concentrate on the ICO field, I come to Korea to meet startups in various fields. It is really ambitious. In Germany, there are about 120 companies, ranging from 600 to 700 companies, accounting for about 20% of Fintech companies. Korea is less. Despite its eagerness, Korea seems to have a lower proportion of combining blockchain with its actual economy.

About the Issues Regarding Blockchain Market and the Cryptocurrency Market

In the case of block-chain market, start-up companies are not able to keep up with the service. Although big companies are more suitable to apply the blockchain system, it takes time.

There are many sayings from banks and other financial institutions to apply blockchain in pension payment systems. But to be honest, building a centralized management system is already done and it is not easy to “blockchain-ify” it again. It is difficult to break down the system that has already been made with a lot of money, and then switch to the blockchain again. It seems that the blockchain system will be able to enter the underdeveloped countries more quickly than the already well-developped advanced countries.

In other words, technology is not a problem but changing an existing processor and a system. There are complicated issues in each country to make such rapid changes.

In the case of the cryptocurrency market, the biggest problem is the mutual trust. Younger generations relatively trust the cryptocurrency system but for the older generations, many of them consider it to be a mere bubble. Such point of view can be an obstacle to activate and globalize cryptocurrency. Even though many people are aware of this new technology, the most significant problem is that they do not know the exact details.

▲ Representative Lee Yun-keun and Dr. Jochen Biedermann are sharing a handshake promising future cooperation

▲ Representative Lee Yun Keun (left), Dr. Jochen biedermann (center) and Professor Park Soo-yong (right) shared various opinions on the block chain and cryptography.

On the prospect of future cryptocurrency market including ICO

ICO is an innovative way to fund new businesses. I think it is a well applied method to the current economic system. Strict ICO regulations in each country are problematic. But I think that the regulations of each country will loosen up in the future.

There is also trust issues in the ICO market. First of all, verification is absolutely necessary. If verification of cryptogcurrency is guaranteed, the ICO market will be much more active.

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Dr. Jochen Bidermann

He is a mathematics major in Germany and a consultant specializing in the financial industry.

In 1992, he experienced when the internet companies were at their peak, and he has been engaging in international financial transactions until 2013. Specifically, he worked in international business, foreign company listing and corporate analysis.

In 2003, he analyzed the stock exchange system between Germany and Shanghai, China.

In 2014, he helped European companies advance into China and Chinese companies into Europe.

In 2014, he beginning Senior Advisor of Frankfurt Main Finance, the financial center initiative of Frankfurt.

In 2016, he led the exchange between Germany and Korea. Specifically he had been involved in exchanges such as bringing the Finnish groups of Germany to Korea. He currently serves as the representative of Blockchain-Asia.com.

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