"Blockchain Heroes" is an in-depth interview series in which Sim Jun-sik, CEO of blockchain media outlet Bion Media, shares his thoughts with leaders in the digital asset market. It vividly conveys their lives, philosophies, and future visions, and explores ways for Busan to grow into an Asian digital asset hub.

■Gentrification of Seongsu-dong, an idea that blossomed from that moment

One autumn day in 2018, CEO Heo Se-young looked out the window after finishing a meeting at a cafe in Seongsu-dong, Seoul. This street, once lined with factories and warehouses, had now transformed into a hipster mecca. The alley was full of trendy cafes, select shops, and media startups, but there was another reality behind it.

Mr. Heo cites this moment as the turning point for the establishment of Lucent Block. At the time, he was working as a researcher at the Electronics and Telecommunications Research Institute (ETRI) and was donating his talents to social venture activities in Seongsu-dong every weekend. His technical skills, which he majored in computer engineering at Carnegie Mellon University, helped solve social problems.

"Around 2015-16, Seongsu-dong was still a factory site. As social ventures began to move in, the neighborhood began to come alive, and famous brands began to move in one by one. Big companies like Crafters and Musinsa are now there. As a result, real estate prices skyrocketed."

Mr. Heo focused on the phenomenon of gentrification that inevitably occurs as a neighborhood becomes 'hot'. How can we solve this problem of original residents leaving due to rising rents?

"I suddenly had this thought. If this phenomenon is unavoidable in a capitalist society, wouldn't it be better to share the benefits with more people? What if the benefits of rising real estate values weren't just for a few rich people, but ordinary people could also participate a little?"

This simple question became the seed of an innovative business model. It was the moment when the vision of creating a platform where many people can invest in real estate with small amounts was formed.

■"You can own real estate in Gangnam for a few hundred thousand won?"

In 2018, CEO Heo Se-young completed the incorporation of Lucent Block. However, it took about three and a half years to launch the actual service. The idea was innovative, but the practical barriers were high.

“When I first explained my business plan to a lawyer, he asked me, ‘How did you solve the Capital Market Act?’ At that time, I didn’t even know what the Capital Market Act was,” Mr. Huh recalled with a laugh. “The world of financial regulation was much more complicated than I thought. As soon as I solved one problem, another one would appear.”

The concept of ‘tokenizing’ real estate and selling it in pieces was unfamiliar in Korea at the time. Furthermore, it was a legal gray area. This method of splitting real estate ownership into digital tokens using blockchain technology was a complex area where securities law, real estate law, and blockchain regulation intersected.

“We were a team of engineers and developers, and suddenly we were wrestling with complex financial regulations. Every day we were facing new obstacles, and at times it seemed downright impossible.”

However, CEO Huh and his team did not give up. They hired financial experts, continuously communicated with regulators, and created a legal model. After three and a half years of effort, in April 2022, they were finally able to launch a service called 'SOYO'.

“The name ‘Ownership’ contains our philosophy. It’s like our mission of ‘giving everyone the opportunity to own.’ Everyone wants to own real estate, but in reality, it’s difficult. In particular, commercial real estate in good commercial districts was an area that was impossible for the general public to access.”

LucentBlock’s platform has broken down these barriers. Designed to allow investments starting from as little as 100,000 won, the service has become a game changer in the real estate market as Korea’s first STO (Security Token Offering) platform.

■"Sold out in just a few hours": Evidence of innovation

LucentBlock’s first project was the tokenization of a famous cafe chain building in Busan. The project received a lot of attention as soon as it was launched.

“The first project was worth billions of won, and it closed within hours of the competition opening. We were surprised.”

There was a secret to this success. Rather than simply splitting up real estate and selling it, Lucent Block designed a unique structure that benefited both tenants and investors.

"We have introduced a sales-linked rental model. Instead of the existing fixed rental fee, the rental fee increases as the tenant's sales increase, and accordingly, the investor's profit also increases. This way, the interests of the building owner and the tenant are aligned."

Investors were also given special benefits as fans of the brand. "Investors were able to receive discounts at the brand's stores nationwide. We wanted to create a win-win ecosystem for consumers, tenants, and building owners."

The second project was similarly successful. Located in Haenggung-dong, Suwon, the building was reborn as a space that creates urban culture rather than just a piece of real estate.

"The second project was a case of transforming an old accommodation into a cultural space. We collaborated with a company called Urban Play to create a complex cultural space with an art gallery, design shop, and cafe. Rather than simply raising the rent, we approached it in a way that increased the value of the space."

These success stories have proven that Lucent Block’s model is not just an idea, but a business that works in reality. This has laid the foundation for CEO Heo to move forward toward a bigger vision.

■A Vision Beyond Real Estate: Democratizing Ownership

CEO Heo Se-young's vision is not limited to simply 'real estate piece investment'. He is drawing a bigger picture.

“What we do is, in a narrow sense, real estate tokenization, but in a broader sense, it is ‘democratization of ownership.’ It allows ordinary people to participate in good assets that were previously only accessible to big capitalists.”

This goes beyond simply providing investment opportunities; it also addresses a more fundamental social problem: economic inequality.

"In the capitalist system we live in, asset inequality continues to deepen. Good assets are structured to be more concentrated among those who already have capital. In this situation, our platform provides opportunities for people with small capital to invest in good assets."

Mr. Huh believes that this model can be expanded beyond real estate to include a variety of assets. “Art, wine, expensive collectibles… these alternative investment assets can also ultimately be divided into ownership. Furthermore, intangible assets such as intellectual property rights or royalty revenue can also be tokenized.”

He emphasizes that blockchain technology is the key to making this change possible. “Blockchain is a technology that can safely transfer value without intermediaries. This is the technical basis for splitting ownership. We are solving complex legal and technical issues to make this possibility a reality.”

■The Entrepreneur’s Mind: “Every Day is a Challenge”

Although Lucent Block appears to be on the road to success from the outside, the founder’s inner self is always filled with agony and challenge. CEO Heo travels between Seoul and Daejeon by train hundreds of times, sometimes working until the wee hours of the morning.

“Life as a startup CEO is not glamorous like in the movies. Every day is a crisis, every day is a challenge. Legal challenges to overcome regulations, difficulties in developing technology, hiring and retaining people, raising funds... there is an endless stream of problems to solve.”

In particular, the area where blockchain and finance are combined has been a series of unprecedented challenges. “We are pioneering a new path at the boundary between law and regulation. Sometimes, even the regulators do not have clear answers. Every time, we have to find the best way and move forward.”

As a leader leading a team, the responsibility is also great. "I have 30 employees who trust me and work with me. Their livelihoods and careers are at stake. And the countless customers who have invested in our platform... I feel pressure to be accountable to all of them."

Still, the reason he doesn't give up is clear. "I believe that the world can be changed for the better, even if only a little. There is an irony in solving the inequality created by capitalism with the tools of capitalism, but I think this is a realistic way."

■Wisdom in Decision Making: Listen and Act

Mr. Huh has a unique philosophy when it comes to decision-making. “I tend to ask a lot of questions. I don’t try to make all the decisions on my own.”

His approach comes not from humility, but from practical wisdom. "The reason decision-making is difficult is because there are clear pros and cons to both options. Both options A and B have their own pros and cons. In such cases, it is important to look at the problem from different perspectives."

Especially when it comes to important decisions, he uses a “four-quadrant prioritization” approach. “I categorize everything into four categories: urgent and important, urgent but not important, important but not urgent, and neither urgent nor important. This makes it clear where to focus your resources.”

Thanks to this systematic approach, he has been able to overcome numerous crises since the early days of his business. However, he emphasizes that what is more important than this methodology is ultimately 'action'.

"No matter how good your decision-making method is, if you don't act, it's meaningless. Act when you're 70% sure. If you wait for 100%, the opportunity will be lost."

He advises young entrepreneurs in particular to “live each day as if it were your last.” “Life is shorter than you think. Don’t put it off by saying, ‘I’ll do it someday.’ If there’s something you really want to do, start now. You don’t want to regret it later.”

■A book that changed my life

There is a book that CEO Heo strongly recommends to entrepreneurs and leaders. It is “Why Work” by Japanese businessman Kazuo Inamuri.

"This book is not just a business book. It makes you think deeply about the purpose of life and the meaning of work. The part that inspired me the most was the part about the 'all-out' attitude."

He says that the 'all-out' mindset he talks about in this book was a great help in the process of starting a business. "Inamuri took over Japan Airlines, which was on the verge of bankruptcy, at the age of 70 and turned it into a surplus in a short period of time. The focus, dedication, and sense of purpose he showed showed that any difficulty can be overcome."

Mr. Huh hopes that young people will think about the meaning and purpose of life through this book, not just the methodology for success. "In today's digital age, there is a lot of information and opportunities, but it is easy to miss the fundamental question of 'why' we work. This book asks that question."

■Meeting with Busan: The Potential of a Blockchain Special Zone

Lucent Block recently signed an MOU with the Busan Digital Asset Exchange and is seeking cooperation with the Busan Blockchain Special Zone. CEO Heo believes that this cooperation has a meaning beyond simple regional business expansion.

“Busan is a blockchain special zone in Korea, providing an environment where any experiment is possible. This is a valuable opportunity to test and verify new business models.”

In particular, he has high expectations for the collaboration with Kim Sang-min, CEO of Busan Digital Asset Exchange. "CEO Kim Sang-min does not simply look at Busan, but has a global vision. We would like to join in that vision of raising the local blockchain ecosystem to a global level."

LucentBlock is also making specific plans for business expansion in Busan. “We are preparing a project to tokenize Busan’s unique commercial real estate. We are also planning a blockchain-based local currency model in collaboration with the Busan Digital Asset Exchange.”

Mr. Heo points out Busan's unique strengths. "Busan is a port city with openness and dynamism. Also, the government's full support and citizens' high interest in blockchain are strengths. I believe that innovative services can be born in this environment."

He foresees Busan growing beyond simply being a blockchain hub in Korea to becoming a digital asset hub in Asia. “If cities like Singapore and Hong Kong have served as financial hubs in Asia, Busan could become a hub for digital assets. And LucentBlock is ready to join that journey.”

■The Future of Finance: Harmony between Tradition and Innovation

How will blockchain and tokenization change the financial industry? CEO Huh provides a balanced view on this question.

“People often see traditional finance and digital finance as opposing concepts. But I think they are complements, not substitutes. They can create better financial services by merging with each other.”

He points out that traditional financial institutions are already undergoing digital transformation (DT). “Banks are also providing services through mobile apps and utilizing big data and AI. Blockchain technology is an extension of this digitalization.”

The future of finance that CEO Heo envisions is one in which customer-centered 'efficiency', 'convenience', and 'stability' are greatly improved. "Ultimately, finance should be a tool that improves people's lives. It should not be hidden behind complex technology or terminology, but should be easily accessible and usable by anyone."

He is proud that LucentBlock is contributing to accelerating this future. “What we are doing is not simply tokenizing real estate, but increasing financial accessibility and providing opportunities to more people. I think this is the true meaning of ‘financial democratization.’”

■The power to make the impossible possible

CEO Heo Se-young's entrepreneurial journey was a 'process of making the seemingly impossible possible.' He shares the lessons he learned through this experience.

“When I started my business, everything was uncertain. Regulatory barriers, technical limitations, skeptical views of the market... these obstacles seemed too big. But as I didn’t give up and took steps forward, things that seemed impossible became reality one by one.”

He talks about the 'paradox of entrepreneurship'. "Startups have a much higher chance of failure. But the reason we take on new challenges is because the impact of success is huge. The possibility of changing the world for the better, even just a little, keeps us moving forward."

CEO Heo hopes that the service called 'Ownership' will create social impact beyond a simple investment platform. "If the ownership of assets is distributed to more people rather than being concentrated in a few, our society can become a little more fair. This is the vision we pursue."

Finally, he emphasizes the essential value of blockchain technology. "Blockchain is not just a means of speculation. This technology is an innovative tool that can safely transfer value without intermediaries. Through this, we can create new business models and social structures that were previously impossible."

The collaboration between Lucent Block and Busan Digital Asset Exchange, which started in Busan, will be an important first step in making this vision a reality. CEO Heo Se-young’s challenge continues.

CEO Heo Se-young majored in computer engineering at Carnegie Mellon University and worked as a researcher at the Electronics and Telecommunications Research Institute (ETRI). In 2018, he founded Lucent Block and launched the real estate token securities platform 'Soyou', which he has now grown into a 30-person startup headquartered in Daejeon. He is leading the innovation of the real estate market based on the philosophy of "Ownership Opportunity for Everyone." Born in 1990, he is a young CEO with a global mindset who left his life in the United States and came to Korea about 10 years ago.