The GMGC Beijing 2018 World Blockchain Summit brought together global thought leaders, developers, investors, and policymakers to explore the transformative potential of blockchain technology. Held at a pivotal moment in the evolution of decentralized systems, the summit served as a platform for knowledge sharing, strategic collaboration, and forward-thinking dialogue on how blockchain is reshaping industries—from finance and gaming to governance and digital identity.
With keynote speeches, panel discussions, and the launch of key initiatives like the World Blockchain Council and 3 o’Clock Business School, this event marked a significant milestone in the maturation of the blockchain ecosystem.
The Birth of the World Blockchain Council
The summit opened with the formal establishment of the World Blockchain Council (WBC), a global coalition designed to foster innovation, education, and ethical development in the blockchain space. Founding members include influential figures from China, Russia, the United States, the UK, South Korea, Singapore, and beyond—reflecting the truly international nature of the movement.
The council is structured into specialized committees focusing on:
- Legal & Regulation
- Women in Blockchain
- Investment & Capital
- Public Chain Development
- Education
- Media & Communication
Each committee is led by recognized experts such as Omer Ozden (Legal),沈大海 (Education), and Lee Wilkins (Co-Founder), ensuring that diverse aspects of blockchain adoption are addressed with depth and authority.
👉 Discover how decentralized networks are redefining trust in digital economies.
Global Regulatory Landscapes: A Legal Perspective
Omer Ozden, Chairman of the WBC Legal Committee, delivered a compelling address on the evolving regulatory frameworks across major economies.
Drawing from his 26 years of experience in cross-border law and fintech, Ozden highlighted that regulation itself is a form of technology—a "legal tech" that must evolve alongside innovations like blockchain.
He emphasized three critical insights:
- Regulatory Sandboxes Are Essential
Countries like the UK and Singapore have pioneered sandbox environments where startups can test blockchain applications under controlled supervision. These sandboxes protect consumers while allowing innovation to flourish—much like nurturing a child without imposing adult responsibilities too early. Jurisdictional Shifts Are Underway
- Switzerland has been an early hub due to its favorable non-profit structures, though these are now seen as outdated for profit-driven ventures.
- Singapore leads with a progressive, business-friendly regulatory model attracting numerous blockchain firms.
- Japan legalized cryptocurrencies in 2017 but faces challenges due to high taxation.
- The U.S. lacks unified regulation, with agencies like the SEC and CFTC taking divergent approaches—yet this “red face, white face” dynamic allows space for experimentation.
- Collaboration Over Control
Ozden called for global cooperation among legal experts, regulators, and entrepreneurs to build interoperable frameworks. He referenced the creation of new protocols through partnerships with Wall Street lawyers and blockchain legal councils—proof that the ecosystem is maturing beyond speculation toward real-world infrastructure.
Blockchain vs. Traditional Finance: A Paradigm Shift
Professor Wang Binsheng from the Chinese Academy of Social Sciences challenged attendees to rethink the very concept of finance in a blockchain world.
His central thesis: Blockchain isn’t just changing finance—it may render traditional financial institutions obsolete.
Using茅台 (Moutai) as an example, he asked: What if Moutai issued its own token? Consumers could buy tokens instead of shares or bottles. Ownership becomes both functional (redeemable for products) and financial (tradable assets). In such a world:
- The line between consumer and investor blurs.
- Equity markets lose relevance.
- Value flows directly from utility to speculation.
Wang argued that blockchain’s true power lies in lowering information transmission costs to near zero, eliminating information asymmetry—the foundation of Wall Street’s advantage. When everyone has equal access to data, centralized intermediaries lose their justification.
“Bitcoin is not meant to be used—it’s meant to be believed in,” Wang stated. “It’s a symbol of trust in a decentralized future.”
He concluded that blockchain represents a new economic paradigm based on collaboration, not extraction. Instead of IPOs where founders sell control, blockchain projects distribute tokens to contributors—designers, developers, users—all sharing in value creation.
👉 See how token economies are enabling fairer wealth distribution models today.
Russia’s Strategic Push Into Blockchain
Evgeny Kosolapov shed light on Russia’s aggressive embrace of blockchain despite initial skepticism from regulators.
Once wary of cryptocurrencies, Russian authorities now recognize the distinction between speculative coins and enterprise-grade blockchain solutions. Support has grown from local governments to President Putin himself, who has publicly endorsed blockchain as a national priority.
Key developments include:
- The Federal Service for Intellectual Property using blockchain for trademark registration.
- Sberbank, Russia’s largest bank, implementing blockchain for international trade settlements.
- The Moscow City Government conducting over 100 public opinion polls via blockchain to ensure transparency.
- Creation of Skolkovo, Europe’s largest tech park, now home to hundreds of blockchain startups.
With an estimated 5,000–20,000 skilled developers and lower labor costs than Western counterparts, Russia is positioning itself as a global R&D hub for blockchain innovation.
Kosolapov invited international partners to collaborate through Skolkovo’s newly awarded title: Best International Blockchain Competence Center.
Redefining Business Models: From Corporations to Communities
A fireside chat featuring Yu Hong (founder of 3 o’Clock Group), Tian Xingzhi (Gifto), and Xu Jizhe (Newton Project) explored how blockchain is redefining organizational structures.
Core Themes:
1. From Shareholders to Stakeholders
Traditional companies reward shareholders while employees and users remain passive. Blockchain flips this model:
- Users earn tokens for engagement.
- Developers are compensated directly via smart contracts.
- Everyone becomes a co-owner.
As Xu Jizhe put it: “Blockchain changes not efficiency—but incentive design.”
2. The Rise of Community-Driven Projects
Yu Hong emphasized that community is the new marketing. Unlike BBS forums of the past, modern blockchain communities operate 24/7 across voice chats, social media, and meetups. Success depends on:
- Transparent communication
- Rapid response to feedback
- Shared ownership mentality
“In blockchain, you don’t lead the community—you serve it.”
3. Traditional Companies Must Adapt or Fail
While some legacy firms are exploring blockchain (e.g., Lenovo’s blockchain phone), most fail because they refuse to share value. True adoption requires:
- Distributing 95%+ of value to users
- Operating as a protocol rather than a product
- Embracing decentralization as a core philosophy—not just a feature
Xu Jizhe warned: “Big companies will likely fail in blockchain because they are the incumbents it seeks to disrupt.”
Gaming Meets Blockchain: A New Digital Economy
Chase Freo presented a vision where in-game assets become true digital property through blockchain.
Today’s games lock items within closed ecosystems. You can’t use your rare sword from one game in another. But with non-fungible tokens (NFTs) like ERC-721:
- Items exist independently on-chain.
- Players truly own their purchases.
- Assets gain liquidity and cross-game utility.
This shift enables:
- Player-driven economies
- Interoperable game worlds
- New monetization models beyond ads and loot boxes
Freo showcased conceptual examples where zombie tokens from one game could be used as currency in another—a glimpse into a future of open metaverse economies.
South Korea’s Blockchain Surge
Jin Ho Hur analyzed South Korea’s booming crypto market, where institutional interest is rising despite strict regulations.
Key trends:
- Estimated $3–10 billion inflow into crypto assets in 2018.
- Growing popularity of reverse ICOs, where established companies tokenize existing businesses.
- Strong retail participation driven by cultural affinity for technology and speculation.
- Emergence of professional advisory firms helping firms navigate token launches.
Despite regulatory caution, Korean enterprises are actively exploring blockchain integration—especially in payments and fintech.
FAQs: Understanding Blockchain’s Real Impact
Q: Is blockchain just about cryptocurrency?
A: No. While crypto was the first application, blockchain’s real value lies in decentralizing trust across supply chains, identity systems, voting, healthcare records, and more.
Q: Can traditional businesses succeed in blockchain?
A: Only if they shift from profit extraction to value distribution. Companies must empower users as co-creators through token incentives and open governance.
Q: When will blockchain go mainstream?
A: It already has—in niche areas like DeFi and NFTs. Widespread adoption will accelerate once usability improves and regulatory clarity emerges.
Q: Why are communities so important in blockchain?
A: Because decentralized networks rely on collective participation. Community members validate transactions, govern protocols, promote projects, and drive innovation.
Q: What makes Russia attractive for blockchain development?
A: High technical talent density, government support, lower operational costs, and growing institutional adoption across banking and public services.
Q: How does blockchain improve gaming?
A: By giving players true ownership of digital items, enabling cross-game asset use, preventing fraud, and creating player-driven economies.
Final Thoughts: Toward a Decentralized Future
The GMGC Beijing 2018 Summit wasn’t just about technology—it was about reimagining human collaboration.
As Chen Weixing noted: “Blockchain isn’t about making money. It’s about building systems where value flows fairly to those who create it.”
Whether through educational initiatives like 3 o’Clock Business School, regulatory advancements in Russia and Singapore, or groundbreaking applications in gaming and finance—the momentum is clear.
Blockchain is no longer a fringe experiment. It’s a global movement rewriting the rules of ownership, trust, and economic participation.