By
Leanna Seah
October 2, 2024
Updated
October 2, 2024
IIn this episode of the Asia Rising: Tech Talks series, Tatsu Kohrogi, the Head of APAC for Growth at Ginco shares invaluable insight on the transformative potential of Web3 and blockchain technology.
With years of experience navigating the tech landscape, Kohrogi talks us through how blockchain is disrupting industries like gaming and finance, and how it is poised to revolutionise the way we think about digital ownership and cross-border transactions.
From Web1 to Web3: Tatsu Kohrogi’s Journey
Kohrogi’s career began in telecommunications with SoftBank in Tokyo, long before the company became famous for its Vision Fund. He started working in the early days of the internet, also known as Web1, where the focus was on building infrastructure for internet services and smartphones.
As the internet evolved into Web2 with social media and user-generated content, Kohrogi joined Facebook (later Meta), where he was exposed to the emerging concepts of the Metaverse and blockchain.
Now fully immersed in the world of Web3, Kohrogi is spearheading growth efforts for Ginco in the Asia-Pacific region. His experience spanning all three internet eras gives him a unique perspective on the disruptive potential of Web3 technology.
What is Web3 and why does it matter?
Web3 is about ownership. In Web2, you don’t own your content. Web3 allows people to own and monetise their digital assets in ways never seen before.
Web3 is fundamentally different from its predecessors, Web1 (the read-only internet) and Web2 (the read-and-write internet). In Web3, users can own digital assets.
This ownership is facilitated by blockchain technology, which decentralises data and gives individuals control over their digital identities and assets. Kohrogi emphasises that this shift toward true ownership is at the core of Web3’s transformative potential.
While Web2 was dominated by platforms like Facebook and YouTube, where content is generated by users but owned by the platform, Web3 changes the game. Users now have the ability to monetise and trade their content and digital assets, creating new economic opportunities in a decentralised ecosystem.
The role of Ginco in the Web3 space
We help companies move from Web2 to Web3 by providing enterprise-grade solutions, whether they’re in gaming, finance, or retail.
Ginco, the company where Kohrogi leads APAC growth, is a Web3 development firm specialising in enterprise-grade blockchain solutions. Their primary focus is helping traditional Web2 companies transition into the Web3 space by building blockchain-based solutions tailored to different industries.
Ginco’s service offering includes building enterprise-grade wallets, developing blockchain solutions, and providing consultation to industries like gaming, finance, and retail.
Kohrogi explains that Web3 technology is industry-agnostic, meaning it can be applied to solve traditional problems across many sectors. This adaptability makes Web3 a revolutionary force with limitless potential.
Blockchain in gaming: tokenising digital assets
With Web3, gamers can now own and sell their in-game assets. It’s unlocking new opportunities for players to turn their investments of time and money into real-world value.
One of the most exciting applications of Web3 technology is in the gaming industry. Kohrogi highlights how blockchain enables players to tokenise their in-game assets, creating real-world value from virtual goods.
In traditional gaming, players invest time and money into acquiring characters, items, and upgrades. However, once a game’s server shuts down, all of that progress is lost.
Web3 introduces the concept of digital asset ownership, where these in-game assets can be minted on a blockchain and traded with other players. This creates a new layer of value for both gamers and developers.
For example, Kohrogi mentions the recent news that gaming giant Konami is building its own blockchain, signaling a broader industry trend toward blockchain adoption.
Revolutionising cross-border payments with blockchain
Cross-border payments that take 5-10 days today could be instant with blockchain, and the transaction fees would be a fraction of what they are now.
Another key industry being transformed by Web3 technology is finance, particularly in the area of cross-border payments. Kohrogi discusses how blockchain can dramatically reduce the time and cost associated with international transactions.
In the current system, cross-border payments can take up to 10 days to process and come with significant transaction fees.
With cryptocurrency and blockchain, these payments can be processed almost instantly, with lower costs and greater security.
Financial institutions are starting to explore blockchain as a solution to these longstanding inefficiencies, making it a significant area of growth for Web3.
The future of Web3: Tokenisation of real-world assets
We’re moving toward a future where real-world assets like real estate can be tokenised, making investments more accessible across borders.
Looking ahead, Kohrogi sees tokenisation of real-world assets as the next big frontier for Web3. Tokenisation refers to the process of converting ownership rights in an asset into a digital token on a blockchain.
This would allow people to invest in assets like real estate, commodities, or even stablecoins in a much more accessible and secure manner.
For instance, Kohrogi envisions a future where someone in Singapore could easily invest in real estate in Japan by purchasing tokenised shares of a property, bypassing many of the bureaucratic hurdles and fees that currently exist in cross-border investments.
This democratisation of investment opportunities could transform how people manage their wealth globally.
Education is key to Web3 adoption
There’s a lot of misunderstanding around Web3. Education is critical to helping businesses see how it can transform their industries.
One of the biggest challenges facing the Web3 revolution is a lack of understanding among businesses and consumers. Kohrogi points out that education is a critical component of Web3 adoption.
There is often confusion about the terminology and concepts involved in blockchain and Web3 technologies, which can make it difficult for businesses to see the full potential of these innovations.
At Ginco, educating clients on the benefits of Web3 is an essential part of their service. Kohrogi believes that clear communication and demystifying Web3 for businesses will accelerate its adoption and help organizations capitalize on the benefits of decentralized technology.
Key takeaways
- Web3 introduces true ownership of digital assets, allowing users to monetise and trade their creations.
- Blockchain in gaming enables tokenisation of in-game assets, giving players real-world value for their virtual investments.
- Financial institutions are using blockchain to revolutionize cross-border payments, making them faster and cheaper.
- Tokenisation of real-world assets is set to be a major trend, democratising access to investment opportunities globally.
- Ginco provides enterprise-grade Web3 solutions, helping companies transition into the blockchain space.
- Decentralised data in Web3 ensures that users control their information, creating a more secure internet.
- Education is key to Web3 adoption, with businesses needing to understand the technology’s potential.
- The future of Web3 may involve streamlining user experiences, making decentralised technology more accessible to the general public.
Article and quotes have been edited for brevity and clarity.
