Huobi hosted a Blockchain Festival on the 23 and 24th of May in Ho Chi Minh. We went back-stage with their operations and public relations director, Herbert Sim to learn more about why Blockchain Public Relations is important and how it can make Blockchain mainstream. Connect with Herbert. Linkedin Twitter Instagram
Daniel Shen: What impresses you about Blockchain when you first started on it?
Herbert Sim: What impresses me is the volatility and the growth of the market. It has been exponential. More importantly, the Blockchain technology itself is legit. If you dive and research deeper, it’s going to be the future.
We are the in the 4th industrial revolution. This revolution compares to the likes of the computer, or quantum computing, artificial intelligence, big data. Blockchain technology will also introduce the next big step in payments. This is seen in the development from normal fiat into credit cards – then mobile payment.
Ikiguide: Bitcoin, the world’s first and leading digital currency is built on blockchain technology. Blockchain explodes onto the global financial scene at such a speed that many organizations were caught napping while a few tries to adapt to explore the great opportunities which lie ahead. Some are studying the space, perhaps waiting for the right moment to strike, and nobody knows when that will be. However, the fact is that the blockchain is currently in a sprint.
This marketmogul article describes that to democratize the global financial system, as it were, would require a different approach and set of rules which may result to an industrial revolution, an open network with no intermediary oversight but a decentralized decision-making as well as validation which is made by most of its participants. In that instant, the birth of the Distributed Ledger Technology (DLT) system unleashed a cluster of novel technology products, cryptocurrencies, and the ensuring Initial Coin Offering (ICOs).
Daniel: What do you think is the biggest challenges in adoption for Blockchain Public Relations?
Herbert: Right now, Blockchain and Crypto is accepted primarily by computer engineers or the IT industry. The adoption rate is therefore not very high. Therefore there is a need for more marketing publicity. Top talents in marketing & PR are getting the pull into this new industry. (eg. Coinbase, Twitter, Linkedin, Facebook).
Ikiguide: Chris Lee was hired by cryptocurrency exchange Huobi. Lee is the CEO of exchange OKEx and set to occupy the position of vice president of global development. It was also announced by Huobi that Lee would lead their international strategy section as the Singapore-based exchange look so as to enter the new market; Lee on his twitter handler says Huobi will become the largest exchange in the cryptocurrency trading industry. This development is a very big one because OKEx and Huobi are among the most popular cryptocurrency trading exchanges in the world.
Daniel: People on the street are mindful on the security and ‘dangers’ which is an education problem. As a Blockchain Public Relations and Marketing person, what do you think is the best approach to solve this problem.
Herbert: The public needs to know what exactly Blockchain (the tech) is. And what Crypto is. This is so people do not end up in scams as it is still in its infant age (less than 10 years). People still need to be educated on it. If you ask people on the street what is bitcoin / Blockchain what it is, most are unable to answer.
Ikiguide: A Blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. It is constantly growing as completed blocks (recent transactions) records and add to it in chronological order. This would allow market participants to keep track of digital currency transactions without central recordkeeping. Each node will also get a copy of the blockchain which download automatically.
It was originally developed as an accounting method for virtual currency Bitcoin, a blockchain which uses a distributed ledger technology (DLT) which appears in different commercial applications today. Currently, the technology is mainly used to verify transactions. However, within digital currencies, it is possible to digitize code and insert practically any document into the blockchain. Also currently, there are various forms of scam in Blockchain, examples include fake ICOs, Ponzi schemes, Cloud Mining etc.
Daniel: What do you think are the appropriate channels in a country to reach the masses to perform this education?
Herbert: Print is dying. Digital is the way to go. Among the digital channels – social media is the way to go. However, in the industry Facebook, Google bans advertising. But there are other social media giants that welcome this technology. Eg. Linkedin / Twitter.
For Huobi, Telegram is one way we go about this. We also use airdrops. Using a video series titled Blockchain 101 we educate what exactly the industry is, who is satoshi eg. Every Thursday 12 noon Singapore time.
Ikiguide: As Vietnam starts to open up as described in this exclusive Interview with Dr Dao from the Ministry of Information and Communications, it is vital for organizations to keep up to speed with the directions and goals of the government and available channels. In addition, according to Hubery Yuan, Huobi aims to have several programs along its education track to push the adoption.
Daniel: What do you want to tell people on the Street to help to encourage to make Blockchain Mainstream.
Herbert: Blockchain is a legit technology. In a matter of time it will integrate across all industries. Huobi Pro is a safe exchange. With a security reserve (20000 BTC) to insure hot wallets it is the1st exchange to initiate this. Huobi aims to be the thought leader in this industry and never had security issues.
Ikiguide: Huobi is one of the largest Chinese exchange platform and it is based in Beijing, China. The trading platform was founded by Leon Li in September of 2013, and the main focus of the company is Chinese market. Huobi is also one of the big exchanges in the world and it claimed to have reached a record amount of 380,000 BTC traded on February 25, 2014. The company likewise owns the trading platform BitYes which focus mainly on international users and provides trading services in BTC/USD and LTC/USD pairs. The verification of this exchange is easy and they accept two FIAT currencies which is Chinese Yuan and US dollar, they likewise accept two digital currencies Bitcoin (BTC) and Litecoin (LTC).