Blocko Suggests Blockchain as TMON-Wemakeprice Solution
Blocko CEO Kim Won-beom Highlights Blockchain as Solution to TMON-Wemakeprice Crisis
Blocko CEO Kim Won-beom has highlighted the need for blockchain technology in light of recent issues with major domestic prepaid payment providers like TMON and Wemakeprice, which have disappointed consumers due to problems with fund settlement capabilities.
He argues that the fundamental cause of these issues lies in the lack of transparency and reliability inherent in centralized financial systems, and that blockchain could be a powerful solution to these structural problems.
Kim stated, “The current centralized financial system allows certain companies to monopolize the management of funds, which leads to problems such as a lack of transparency and trust. The recent TMON and Wemakeprice incidents clearly demonstrate how these structural flaws can adversely affect consumers.” He further explained, “Blockchain provides transparency by recording all transactions in a public ledger that anyone can verify, enabling both issuers and users to directly confirm the reliability of transactions.”
Kim particularly emphasized the potential of blockchain in the realm of prepaid payment methods like gift certificates and coupons. “Every time a gift certificate or coupon is purchased or used, a non-fungible token (NFT) is issued, and the balance and usage status of the prepaid funds are recorded on the blockchain. This reduces the risk of fraudulent activities by companies and prevents double issuance,” he explained.
Moreover, blockchain’s decentralized nature, which distributes data across all network participants rather than relying on a centralized system, enhances the stability of the entire system by reducing the risks associated with data monopolization. “This decentralized structure minimizes issues such as embezzlement or breach of trust by administrators and provides a higher level of trust and security to both issuers and users,” Kim emphasized.
Kim also noted that blockchain can facilitate cross-border transactions, making it easier to trade gift certificates and coupons internationally. He added, “With blockchain-based smart contracts, the issuance, distribution, and usage of gift certificates and coupons can be automated, significantly contributing to the prevention of errors or fraud by administrators.”
Recently, the Financial Services Commission in Korea issued a guideline interpreting that the use of NFT technology in mobile gift certificates, tickets, and prepaid electronic payment methods should be subject to individual legal regulations rather than being classified as virtual assets.
This has once again brought attention to the necessity and potential of blockchain technology. Kim Won-beom concluded, “The TMON and Wemakeprice incidents serve as a strong reminder of the need for blockchain technology. It is time for companies to actively adopt blockchain and NFT technologies to drive innovation in the prepaid payment market.”
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