“The Blockchain Should be the Basic Technology that Creates Social Value in the Mobility Industry” says Kay Woo

“We have to look at how the blockchain is used in the real world (in the mobility industry) to create a great social value.”

Kay Woo, founder of MVL attended the discussion on the Future of Transportation Policy Discussion Session at the 2018 Land, Infrastructure and Transport Technology Fair on June 7th to 8th in COEX, Convention and Exhibition Center, Seoul. During the discussion, he said, “We should pay attention to social value created through blockchain” in the mobility industry.

This event is a large-scale national event supervised by the Ministry of Land, Infrastructure and Transport and held by the Korea Agency for Infrastructure Technology Advancement that is in charge of the National Traffic R&D. From this event, the MVL team was invited to participate as a panelist in the “Mobility Policy Debate for Terrestrial Traffic Innovation” as a mobility and blockchain expert.

Kay Woo’s discussion was held after the introduction of the “Mobility X” concept by Kim Sun-Wook, the Ministry of Land Transport Development and the presentation of “Smart Mobility Future Scenario” by Kim Seok-Pil, the Vice President of H&P Partners. In response to the question of what role blockchain can play in building a smart mobility ecosystem, Kay Woo replied, “It should be recognized as a natural technology that is fundamental to creating social value.”

“There is a negative view on ICO, but it is a step to demonstrate the blockchain,” he said. “In the second half of the year, many services will be released so that many people will naturally become used to blockchain technology in real life.”

As an example, Kay Woo mentioned data ownership. “Driving data (which occurs when users use the existing centralized mobility platforms) does not fall into the ownership of the drivers or users that provide the service, but to the enterprise,” Kay Woo said. Moreover, he emphasized, “If it is based on the blockchain technology, data providers will receive the benefits that arise there because they go back to the users and the drivers.

As a result, more people can actively record mobility data. Therefore, we can use data to create a smarter mobility ecosystem.

When the cloud technology surfaced, people said it would change the world. People talked about it all the time but now, it is no longer a hot issue. Still, it is something that touches our everyday life. Think about Google Drive. We don’t really realize how often cloud technology is used, but if it disappears, it is going to be very inconvenient. Blockchain needs time until people are so used to it for it to bring safer roads and efficiency in the mobility world.

Kay said, “By the time the bubble of blockchain and people’s craze over it dies out, it will start showing its social impact in the mobility industry.”

This discussion focused on the future of transportation policy directions and R&D. Professor Kim Dong-Kyu of Seoul National University, who is also a MVL advisor, Ministry of Land, Infrastructure and Transport Director, the Korea Agency for Infrastructure Technology Advancement, the Korea Transport Institute and more also participated as a panelist as well.

The content of the discussion will be uploaded on the Ministry of Land, Infrastructure and Transport YouTube channel later.

For more information, please visit http://www.techfair.kr/