• Title: K.E.Y. PLATFORM 2018
  • Date: April 19(Thu) ~ 20(Fri) 2018
  • Venue: Conrad Hotel, Seoul (Plenary, Breakout Sessions)
  • Host: MoneyToday Media

Review of the Previous K.E.Y. PLATFORM

K.E.Y. PLATFORM 2018 was held with great fanfare at the Conrad Seoul Hotel in Yeouido, Seoul on April 19 and 20, 2018 under the theme of ″Decentralization: Frenzy Digitized World.″ About 1,000 people including government officials and high-profile businessmen participated in MoneyToday Media′s global conference to listen to experts discussing pending issues with blockchain and other technological innovations and their outlooks as well as the changing situation surrounding the Korean Peninsula.

The K.E.Y. PLATFORM 2018 Report, which was presented at the plenary session, contains vivid stories that the MoneyToday Media journalists covered as they met with about 50 innovative companies and 50 experts, traveling to the US, China and many other countries for about six months.

K.E.Y. PLATFORM 2018 predicted that the age of decentralization would bring shock and chaos to the privileged class who has monopolized information, capital and power in the centralized system. On the other hand, decentralization was expected to bring joy and liberation to those living suppressed under the centralized system and thirsting for fairness. We also uncovered the root causes of the frenzy for decentralization technologies, which is driven mostly by the Millennial Generation who start from different starting lines in a polarized society and are not given even an opportunity for success.

The experts who participated in the conference emphasized that decentralized and centralized systems could coexist if they made up for each other, but they admitted that decentralization was a flow that could not be reversed. Some advised businesses that they should engraft decentralization into the heart of their all-out efforts to innovate their business structure. It was also pointed out that the government should not try to be the ″director ″ and instead propose only directions in the age of decentralization. Some argued that the government should faithfully play the role of making arrangements necessary to ensure that discussions on decentralization would continue to proceed.

The highlight of K.E.Y. PLATFORM 2018 was the special talk between Moon Chung-in, Distinguished Professor Emeritus at Yonsei University and Special Advisor to President Moon Jae-in for Foreign Affairs and National Security, and Edwin Feulner, President of the Heritage Foundation, a think tank representing President Trump′s Republican Party. With the Inter-Korean Summit one week away, this meeting between the two leading experts on global issues attracted a lot of attention from both Korean and overseas media.

The two experts insisted that North Korea should move first and take concrete measures to show its commitment and prove its trustworthiness, such as giving up on nuclear weapons. They added that such moves would lead President Trump, who had continued to take unprecedented steps, to bring about changes in the situation surrounding the Korean Peninsula. One year later, almost all the specifics of this outlook have turned into a reality now.

Former Prime Minister Jan Peter Balkenende delivered a plenary lecture titled ″Dutch wisdom overcoming the Tulip Bubble with capitalism, ″ whereas global innovation experts including Long Island University Professor Edward Rogoff, Maastricht University Professor Paul Iske, CHA University Professor Hyo-sang Ryou, Silicon Valley Venture Capitalist Perry Ha and Danish Futurist Claus Kjeldsen participated as discussants to share diverse opinions.

Every session was flooded with questions. One participant said, ″I am very much interested in blockchain and AI, so I took the afternoon off to come to the K.E.Y. PLATFORM. I was most impressed with the presentation on Amelia (AI platform). A future of AI replacing human labor is a lot closer than I thought. Another participant stated his thoughts, saying ″It was a great stimulus, and I think that what I learned will be helpful in my work. ″

In the breakout sessions, in-depth presentations and discussions were carried out. In the Finance sessions, participants sought to find the direction for innovation in order to tell existing industries how they should respond to the flow of decentralization led by advanced technologies. In the China sessions, innovators from Silicon Valley and Zhongguancun in Beijing met to share their visions and seek new opportunities.

On the second day, a two-way practical workshop called ″Plug in & Talk ″ was held with a number of blockchain business founders attending the session. The participants shared wisdom to respond to the accelerating transition into digital economy.

Every year, K.E.Y. PLATFORM earns positive reviews that it helps opinion leaders draw a big picture and vision with stories that the audience can empathize with and provides professionals working in the field with an opportunity to get inspired at work. Last year, the K.E.Y. PLATFORM Conference received high praises once again for being one step ahead of others in terms of theme selection and conducting an insightful analysis as well as allowing participants to experience a ″new world of frenzy ″ in extraordinary ways.


Making decisions and overcoming failures in the digital age, as defined by behavioral economics

In the digital age, the left brains of organizations will be replaced gradually with AI. There are high expectations that AI-assisted decisions will not only be more reasonable and rational than human decisions but also highly likely to lead to successful results. In the digital age, neither the business of a company nor policy of the government can be successful unless it generates value added such as personalization, diversification, and segmentation. Whether government or business, economic players will strive to enhance predictability regarding business management and policy environments by quantifying consumer behavior to the maximum extent possible. This is why the role of AI is getting bigger.

Paradoxically, however, the more AI application is expanded, the more confusion it may bring. Human decision-making is made through balance and coordination between rational, logical and reasonable areas and emotional, experiential, and intuitive areas. AI can reinforce the rational areas but may not be properly applicable in the emotional area. Therefore, when humans or organizations use AI in their decision-making process, it may bring about unexpected results. AI may fail to resolve a given issue or cause more confusion as it cannot read emotions, experiences, and intuition, that is, unreasonable judgments and actions.

For this reason, K.E.Y. PLATFORM 2018 intends to delve deep into the emotional, experiential, and intuitive areas of the human and organizational decision-making process, the capabilities or problems of which it is hard even for AI to reinforce or resolve. Failures are inevitable in these areas, but we plan to propose a specific methodology by which you can accept such failures with wisdom and take off higher.

Decision-making in the digital age inevitably leads to small failures. However, shrinking back for fear of messing something up is the worst choice that you could make. Unicorns - global platform companies leading the digital age - consider fear of failure the worst of all sins.

To come up with a methodology to overcome failure in the digital age, we have applied the insights of gurus representing the community of behavioral economists who investigate the actuality of human behavior. In addition to this, we collaborated with Stanford, UC Berkeley and UCLA for expert interviews, case studies, and analysis of patterns. To find real-life cases required to develop solutions for each type of failure, we also covered the stories of 50 global innovators in the U.S., China, the Netherlands, Germany, Japan, and Sweden and conducted in-depth interviews on what changes have been made in their strategic decision-making processes and how they have overcome failures.

Solutions to new issues facing us in the digital age will be presented at the plenary session and breakout sessions of the K.E.Y. PLATFORM 2018.