“It depends on which industry you are working on. For instance, if you are in the retail business and you have loyalty points, you could use blockchain to digitize its value and bridge it with other value point cards.” stated Jirayut Srupsrisopa.
Topp Jirayut Srupsrisopa, Co-Founder & CEO of Bitkub Capital Group Holding Co., Ltd. (BCGH) is regarded as one of the top lists of Thai digital currency pioneer. Bitkub business offers digital asset exchange service on an online platform. It is one of the first companies to be granted a license to operate by Thailand’s Finance Ministry.
Internet Creating Digital Abundance VS Blockchain Creating Digital Scarcity
“The internet has been creating digital abundance during the past 20 years due to the rapidity of massive data transfer. However, blockchain is transforming the condition with its capability to allow a business to extract physical assets values into the digital form and enhance the value of digital information exchange among a network group without double spending. The scenario of value exchange could increasingly scale Gross Domestic Product (GDP) and significantly benefits the country economy.” mentioned by Bitkub’s CEO.
Unlock Your Business with Blockchain
From Jirayut’s perspective towards blockchain, he stated that it depends on which industry you are working on. For instance, if you are in the retail business and you have loyalty points, you could use blockchain to digitize its value and bridge it with other value point cards. In the Real Estate industry, blockchain can help unlock new customer segments through fractional ownership that would allow a single room to be owned by multiple owners and share profits from leasing or renting out the room. In the banking sector, blockchain can reduce time in synchronization of accounting systems, maximizing communication and lowering operational costs. Therefore, depending on the industry you are in, blockchain can help unlock your business specific to the pain points you have.”
Steps in Blockchain Development
Jirayut pointed out the stages of blockchain development in 4 phases.
- Internet of Money – digital currency exchange e.g. Bitcoin
- Internet of Asset – is Blockchain Beyond Finance where blockchain is applied across all major sectors including banking, supply chain, and healthcare. For instance, Walmart is using blockchain for their food traceability system to track their on-shelf products back to their producers or manufacturers. It is also being applied to the bank’s e-KYC processes as well as in the healthcare industries’ data management system. Moreover, blockchain is beginning to disrupt the Real Estate market with its new manner of property purchase via fractional ownership.
- Internet of Entities – enable more autonomous organizations to become decentralized and the introduction of Smart Contract will allow many industries to become automated self-regulated entities.
- Value Web (Interoperable Ledger) – web platforms can exchange value online beyond monetary value. In this phase, all cryptocurrencies will speak the same language, thus, making transactions seamless and frictionless. Jirayut further elaborated how in the future will virtual points earned from mobile online games could potentially be exchanged for goods and services in the physical world with the help of blockchain technology.
However, the above-mentioned content is only a part of the full panel discussion between Mr. Jirayut Srupsrisopa, Asst. Prof. Dr. Karndee Leopairote and Mrs. Waleeporn Sayasit, Corporate Communications Director of TCC Technology (TCCtech) from Unlock Your Business with Blockchain forum. Let’s watch the full video here!