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The blockchain technology and its sidekick, the cryptokin have conquered the world with the plethora of opportunities and solutions it has to offer. Countries and industries have witnessed a dramatic shift in their ecosystems as they move towards the adoption of the technology of the future. One of the countries that has embraced blockchain technology in all its glory is South Korea.
The country is already one of the world leaders in the adoption of blockchain technology and, with startups like Bezant, is definitely flying. Before immersing ourselves in the history and technical details of Bezant, we examine the facts that encourage a healthy environment for an innovative development based on blockchain.
A significant part of this can be credited to the evolving regulations of the country. The rather overwhelming feelings around all this, serves as an indication that crypts will play a key role in the daily lives of South Koreans, very soon. However, there are other factors at play that are responsible for the successful take-up of cryptocurrency in the country, even at an unprecedented rate. Let's have a look at them, right?
Social factors
South Korea was one of the countries, afflicted by the persistent problem of economic slowdown and large-scale unemployment. Approximately 9.9 percent of individuals between the ages of 20 and 30 face unemployment. And this impressive number of jobless people is a by-product of outsourcing and automation.
And because of the competitive labor market, many people hardly earn enough to support their needs. Many people saw the initial cryptocurrency boom of 2017 as a welcome escape, as they saw these investments as a potential way to quickly improve their financial conditions. The acceptance of the crypt was more for necessity than for anything else.
Moreover, with the increase in adoption, it has unknowingly exploited another underlying trend in South Korea and this is the country's greatest interest in the latest technological advances. In fact, South Korea has the fastest Internet connection in the world and has a smart penetration rate of over 71%. This interest in the technology sector ultimately provides tools that help make the cryptocurrency even simpler.
Acceptance at the official level
Simple public interest and acceptance are not sufficient to create an investment phenomenon. Part of the cryptographic craze of South Korea can be linked to the use of exchange platforms like Bitthumb, Korbit, OKCoin Korea and Upbit. What these exchanges do is that they make the trade of dozens of cryptocurrencies an efficient and easy deal, which gives citizens the power to buy and sell cryptocurrencies at the click of a button.
Furthermore, some of the country's largest conglomerates are supporting many of the platforms, which give stability to trade, which is imperative. In addition to conglomerates, exchanges also focus on building closer ties with the South Korean government and its regulators, which translates into a much lower risk of becoming non-compliant. Which is a big problem in other cryptographic markets, like the United States.
In order to intercept people's daily lives, exchanges have also formed partnerships with companies across the country that will allow Bitcoin, Ethereum and many other cryptocurrencies to be used for hotel bookings, e-commerce and more More. One of the exchanges, Bithumb is also working on the introduction of ATMs for cryptocurrency and food and catering kiosks that accept encryption payments.
When all these factors are taken into account, the increased encrypted acceptance by the country is not a surprise, because both the government and the main commercial outlets have contributed to its widespread adoption.
Bezant
All the factors discussed generated a high level of enthusiasm for the new blockchain startups, and Bezant is one of those. Bezant is a borderless payment system led by the founder and former CEO of Bithumb, Daesik Kim. The platform is positioned as a BaaS or blockchain as a service. In simpler words, it means that Bezant's ambition is to build its own high-performance blockchain.
With blockchain able to declare 1,000 TPS (transaction per second) objective, the platform would be fully capable of supporting high demand applications such as payment. In order to exhibit this capability, Bezant is also developing a payment platform, whose purpose is to function seamlessly with the platform's native blockchain.
Bezant says that many small businesses and individuals are late and lose opportunities to flourish because they do not accept alternative payment methods. Credit cards and bank transfers remain the most commonly used and widely accepted means of payment globally. But theirs is a downside for them, which is to ignore the unleased population.
The dynamic system based on the company's blockchain will be of considerable assistance to services to increase the number of users and subscribers, such as social networks, game developers and video streaming sites. All will benefit from an "end-to-end distribution and payment platform" where transaction fees are significantly reduced.
Bezant's blockchain service platform will be made available to merchants and consumers globally, through the Jehmi Payment Network, a network where hundreds of payment methods are accumulated in one place. The Bezant team believes this could be the solution that would exceed the limits found in emerging markets and will further enable sellers to use the tools they need to maximize their revenue.
With such visionary startups, South Korea is highly likely to be on top of the blockchain and crypto world. You can read the Bezant white paper here.
