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The South Korean economy, which is the fourth largest in Asia and the 11th largest in the world, has long been a leader in technology adoption and experimentation. South Korea has now set itself on the blockchain innovation road and is rapidly becoming the first in this industry at the forefront.
Home to some of the major blockchain service providers in Asia-Pacific, crypto-trade and blockchain-based businesses, the Korean market has proven to be fertile ground for this nascent technology and the development of a local blockchain community.
Furthermore, the strength of the cryptic community is reflected in the fact that the South Korean market has, at times, accounted for up to 10% of the Bitcoin trade globally. This has led Korean traders to pay above the global market average for Bitcoin and other cryptocurrencies – a price gap dubbed "Kimchi premium".
In front of the bear market and a series of negative comments from government officials on blockchain technology, the blockchain community has continued to mature. Multiple conferences with thousands of participants and participants took place several times a month in the country in 2017 and 2018, with many projects announcing major milestones of the company from the city of Seoul.
"The collaboration between members of Korean companies, developers and business communities can not be underestimated in its effects on experimentation and the adoption of blockchain"
Trading from Fiat to Criptovaluta is actively conducted within the country, while new digital goods exchanges are being formed to meet national and international demand. These activities demonstrate an undeniable enthusiasm for the growth of the sector in Korea.
Much has been made of previous negative sentiments expressed by South Korean government officials to the nascent blockchain economy. The historical portraits of the government's position have portrayed an image of an institutionalized and hostile position.
However, in reality, a number of government agencies are beginning to examine the potential benefits of the adoption of blockchain technology, including the National Electoral Committee; Ministry of Agriculture, Food and Rural Affairs; and the Ministry of Territory, Infrastructure and Transport.
While it would be easy to assume that the media portrayals of a negative government stance towards cryptocurrency may discourage the South Korean blockchain community from continued development, as in August, the Korean province of Jeju would have attempted to establish itself as a "cryptozone". The island aims to use its self-regulating province status to create a favorable environment for blockchain-based businesses and to incubate the sector.
Faced with an uncertain economy, a number of factors have fueled the interest and adoption of the blockchain by Korea. Collaboration between members of Korean companies, developers and business communities can not be underestimated in its effects on experimentation and the adoption of blockchains.
With nearly 20% of the population centered around Seoul and most of the operational locations densely divided into a few districts, the capital offers a convenient place for collaboration, experimentation and joint action on behalf of businesses and communities blockchain.
The desirable melange of large corporations and international companies based in Korea, as well as the external position of local businesses, is proving a favorable environment for greater international cooperation and collaboration between blockchains and businesses.
South Korean media giants, Maekyung Media Group (MMG) and CJ Hello, for example, have recently partnered with the California-based blockchain video content platform, Theta Labs. Huobi, one of the leading cryptocurrency agencies, with offices in China, the United States, Hong Kong, Japan and Korea, collaborated with the Korean securities company, Kiwoom Securities Co., to create a $ 90 million investment fund for supporting transnational collaboration and cooperation between blockchain companies in China and South Korea. These initiatives and international partnerships set Korea apart as a gateway to global blockchain actors hoping to access Asian markets.
As the interest in blockchain experience grows globally, there is also demand for educational initiatives to provide developers and technology advocates with the appropriate skills to nurture technology development and experimentation. In order to meet the needs of an evolving economy and capitalize on its emerging blockchain economy, the South Korean government has taken a proactive approach to blockchain education and training programs.
The nation drew international attention when it announced the foundation of the Walton Blockchain Institute, one of the world's first educational institutions dedicated to the study of blockchain technology and its potential applications, as part of a $ 90 blockchain education program. millions.
"Multiple conferences with thousands of participants and participants took place several times a month in the country in 2017 and 2018, with many projects announcing major milestones of the company from the city of Seoul"
A recognized force in the global blockchain industry, as the South Korean government develops a greater understanding of the value of blockchain technology, the local ecosystem can only thrive, with Seoul already positioning itself as a "Blockchain Smart City" ".
Given the promising nature of the developments surrounding the blockchain incubation in Korea, one can not help wondering if the next initiative will be to position itself as the first "Blockchain Smart Country" in the world.
At the moment, one thing is certain, it is at a turning point. Now he has to decide whether to separate the crypto economy from the blockchain technology or simultaneously support the growth of both. The government's agenda to only grow the blockchain ecosystem by underestimating the importance of cryptocurrency as a form of financial incentive has been hit by repeated criticism since the beginning of this year.
The path that will take with respect to the regulations surrounding the new economy will eventually decide the fate of the sector for 2019. Is not there a clear answer: slow and controlled? Or fast and unstable? Despite no obvious choice, it is a decision that must be, and will be, taken in the coming months.
By JB Lee, responsible for global operations, aelf
