In an exclusive interview with local news outlet EJ Insight, Yat Siu, one of the most famous technology entrepreneurs in Hong Kong highlighted his support for blockchain.
He noted that blockchain technology, which underpins cryptocurrencies like Bitcoin would be the next big thing in the tech industry.
What Does Blockchain Hold for the Future?
Siu believes that blockchain will be the “next big thing” and will become the new internet for the world.
He noted that blockchain users would grow to anywhere between 300 million to 3 billion and he drew several parallels to the 1990s dot com era.
He said that the total number of internet connections was 36 million 30 years ago, but today there are about 30 million wallets which mean that both technologies share the same scale.
He also said that the articles being written about blockchain today are similar to the discussions about internet in 1996-97.
Blockchain Could Boost Gaming
The technology could be a big boost in the gaming business, according to Siu.
He noted that the traceability and immutability features provided by blockchain technology could ensure that all characters and items in games are unique virtual assets like crypto coins.
He talked about the popular Ethereum game called CryptoKitties, saying that game developers get their business from transactions instead of selling content.
“This will completely change how we design games. Right now, all game developers keep issuing items, just like dictators who keep issuing currencies, so that the items have to be more expensive and newcomers will find them too pricey. These games fail in the long term because of inflation. However, with blockchain technology, we can actually create a sustainable game that won’t die.”
He thinks that gaming could also become the catalyst for blockchain adoption in the mass market because the tech sector has always been close to gaming.