Capitalizing on ‘blockchain’ tech

What can we do with “blockchain” technology? What effects will it have on individuals and how can it resolve the structural problems of companies, government and society?

Blockchain, the “digital ledger” of the fourth industrial revolution, creates many questions. At the same time, the technology gives new hopes and expectations in many ways.

The biggest characteristic, and merit, of blockchain is that data cannot be fabricated or falsified once recorded. A certain user, higher manager or authority cannot change the data arbitrarily. Therefore, it can give systematic trust to society and bring positive changes.
While there are various ways to build trust, confidence is formed in the process of understanding and empathizing. Users can trust when the information they need is not omitted or distorted, necessary information is shared appropriately and promises based on the information will be faithfully implemented. Blockchain functionally guarantees honesty, transparency and execution of agreement.

For example, let’s say the blockchain technology is used to manage the origins of various ingredients and storage status for the school meals for children.

The current supply chain is complicated, and it is hard to find the cause when accidents happen. But the blockchain technology will be able to resolve the structural problem.

Of course, it will take time to convert all government budget to blockchain system. But immediate effects will be realized if introduced to specific areas, such as youth unemployment benefit management or welfare funding operation. The transparently accumulated information can be utilized in the budget planning to make scientific improvement in state administration.

Information technology is a system that exchanges information online. But blockchain is a system that enables exchanges of trust online. In Korean society, people sneer that the more we abide by principles and act honestly, the more loss we suffer. Blockchain will bring positive changes and contribute to a society built on trust.

*Head of the DT business development unit at SK Holdings C&C.

Oh Se-hyeon