The Secret Behind South Korea’s Blockchain Optimism
What is it that facts behind the crypto optimism in South Korea. What are the new applications of blockchain technology as discovered by South Korea?Read on for full information.
Where Is Blockchain Headed To With Blockchain Technology?
South Korea’s recent push for the blockchain industry within its borders has flooded the media with stories. South Korea is becoming a leader in terms of embracing the young technology as one of the country’s most actively involved in the sector’s regulation and oversight and is instrumental in the crypto industry’s ongoing boom. It is according to a report that the government has earmarked over $4 billion by investing in a variety of distributed ledgers along with the administrative application of the blockchain technology only to cement that view. Though it does highlight the degree to which the country has dived in, this is not the first news that shows South Korea’s commitment to the blockchain.
Even though it is worth wondering what has changed in a relatively short time as the South Korean government has announced a ban on ICOs with a possible ban on cryptocurrencies as a whole. Authorities made shit in the course that considered to be more than backlash. South Korea, in reality, has never been bearish on the technology, and the ban is likely motivated more by the staggering number of scams showing up in the news more than fears of the technology itself. While tracing the steps from this negative view to South Korea’s later status as a haven for blockchain illuminating the country’s optimism for the technology.
More Than Surface Level Commitment
As it may seem like an abrupt change of heart in South Korea, at first glance the commitment is to invest a large sum into distributed ledger technology as also other innovative tech fields. Showing that this is just the latest in a series of moves by the government a little bit of digging shows it becoming a true haven for blockchain.
Already with a reputation, the country is a major player in the world’s tech industry as the government turns its attention to the crypto sector. With the South Korean exchanges like Bithumb and Coinone, as they rank among the top 100 crytpourreny exchanges by trade volume, it has become a major hub for trading.
Along with the South Korean government’s increasingly favorable view of blockchain, this is doing its part to spur business growth. As regulators are being proactive in creating a safer space for cryptos, the officials recently announced the exchanges to be classified as financial institutions discussing fully lifting the ICO ban.
As it was necessary, a new office named the Financial Innovation Bureau overseeing the emerging financial technology has revealed that the government includes blockchain and cryptocurrency-related to a forward-looking policy as also platforms supporting the innovation. Even discussed plans to create their blockchain island, the South Korean national assembly has a special zone for blockchain with more friendly regulations and policies.
Optimism Driven By Innovation
Running parallel to the explosion of innovation, the drive by the government has seen the local blockchain sector in the past year. Whereas many of the major events sponsored by the government are intriguing projects catching the eye of industry observers worldwide. Tackling everything from key problems, these projects in the industry itself to major corporate pain points.
As an example there is this company, Sentinel Protocol born from CEO Patrick Kim’s experience with the blockchain-based fraud, it also has the company releasing a free Google chrome extension letting users validate the ICOs they wish to invest and that by ironically using it to combat the issues has the inherently built-in technology. As Sentinel hopes to reduce ICO scams and fraud significantly, it leads to a more open and friendly ecosystem.
While most others like icon look to create a more transparent and efficient blockchain network, the company already is the largest blockchain in Korea showing applications in several industries and fields. US company backed by some Korean investing is the lucidity with far-reaching potential dealing with transparency in the digital advertising and analytics field. The company comes with worldwide recognition and has even won industry awards for its services.
The establishment of South Korea as a center for conversation and innovation around blockchain, it is more important than a startup hub which is a development highlighted in several major blockchain events planned and occurring in the country. Featuring some of the most prominent names in several fields surrounding technology.
The country hosted Korea Blockchain Week, including several major events, doubled as a gathering of many of the industry’s luminaries, additionally the government has noted that it is sure to continue sponsoring the sector providing more opportunities attracting new businesses and ideas in the sphere.
To Conclude A Few Words Backed By Actions
South Korea’s willingness to embrace blockchain seems to be fully backed by the government's actions and statements more than just a show. Wisely positioning itself at the crest of the blockchain wave, the country creates policies making it a leader in the way governments cooperate with this burgeoning sector. With the guarantee from Korea that it continues to hold the place amongst the world’s most innovative countries, while it will have an important say in how the world interacts with the blockchain.