| | JULY 2022 8OPINIONIN MYBlockchain : The Answerto Solve the PerennialIssues in the TelecomIndustryBy Neeti Virmani, Venture Partner, Loyal VCUnprecedented times call for unprecedented action, especially when one has to find an opportunity in the worst crisis of our lifetime: Covid19. Worldwide, even before Covid19, consumer behaviour shifted towards transacting through the digital medium, thereby revolutionizing the digital ecosystem, including the technologies, capabilities and infrastructure. The Covid19 situation played a crucial role in further enhancing the shift. We observed WFH becoming the new normal and all the businesses evolving, pivoting to online and other effective channels, adapting with flexibility and agility. Talent working remotely became the new reality. With having no time in hand to carry out psychological assessments of the consumers, the brands and products had to take the cues from the daily purchase behaviour of consumers: we all witnessed the categories evolving. The technologies, which were used more for academic research purpose, suddenly became the General Purpose Technologies, including Artificial Technology, Robotics, Blockchain and Cryptocurrencies, Intelligent and connected devices, Quantum computing, 3D printing, Clean/sustainable energy and AR/VR. GPTs are pervasive, can quickly spread to most sectors, improve over time, thereby lowering the costs of its user, spawn innovation making it easier to build new products & processes; scale further. Having lived in South Korea for over 5years, the country has never stopped to amaze me when it comes to digital technology adoption. With its cutting edge technology, the country is light years ahead in its innovations, not only in Asia but globally. The Chaebols are the big investors in the technology startup ecosystem in these markets. The technology startups focus on entertainment, media, gaming, mobile consumer internet, while the deep technology startups focus on futuristic ideas. Case in point, the recent early adoption of 5G technology by the Telecom Operators in South Korea, with the total number of subscribers crossing 13 million. South Korea's response to Covid19 was the best by far globally with the adoption of digitally enabled solutions. One of the technologies which South Korea has been way ahead in adoption is Blockchain. While most applications of blockchain technology have emerged in the financial sector, its practical applications go beyond finance because, essentially, any type of digital asset can be tracked and traded through a blockchain. Different industries, including healthcare, digital rights and micro-payments, supply chains and identity systems, are experimenting in the blockchain space, even though this experimentation is still in its early stages.Neeti Virmani
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