In recent months we have witnessed a flood of stories about South Korea's recent push for the blockchain industry within its borders. Being one of the countries most actively involved in the regulation and supervision of the sector, South Korea has become a leader in terms of embracing young technology and is instrumental in the ongoing boom of the crypto-industry. A recent report according to which the government has allocated over $ 4 billion to invest in a variety of distributed accounting books and administrative applications of blockchain technology, only the cements they see. Nonetheless, this is not the first news that shows South Korea's commitment to the blockchain, although it highlights the degree to which the country has dived.
It is worth asking, however, what has changed in relatively short time from the South Korean government announced a ban on ICO and the possible prohibition of cryptocurrencies as a whole. It is not just the backlash that has caused the authorities to change course. In fact, South Korea has never been bearish on technology, and its prohibition of ICOs has probably been motivated more by the impressive number of scams that appear in the news than by the fears of the technology itself. Tracing the steps from this negative vision to the subsequent state of South Korea as a haven for the blockchain illuminates the country's optimism for technology.
"The culture of South Korea, digital affinity and hectic politics make it the ideal combination to adopt an optimistic approach to blockchain technology.Less of speculation but more than genuine interest in technology and technology." 39. Adoption of the real world is strengthening the general motivation within the space, "said John Kirch, chief evangelist of the Sentinel protocol.
More than surface-level commitment
At first glance, the commitment to investing such a large sum in distributed accounting technology and other innovative technology fields may seem like a sudden change of heart in South Korea. A little excavation, however, shows that this is only the latest in a series of government moves to become a true paradise for the blockchain.
The country already has a reputation as a major player in the global technology industry, but 2018 has seen the government turn its attention to the crypto sector. South Korean exchanges such as Bitthumb and CoinOne, both classified as among the top 100 exchanges of cryptocurrencies by volume of trade, have become important centers for trade.
This is accompanied by the increasingly favorable vision of the South Korean government of the blockchain, which is doing its part to stimulate business growth. The regulators have been proactive in creating a safer space for the encrypted. Officials have recently announced that the exchanges will be classified as financial institutions (bringing them under the regulatory control of the government) and have discussed revoking the ban on ICO completely.
The government also revealed the creation of a new office called Financial Innovation Bureau that will oversee emerging financial technology, including blockchain and cryptocurrency, to create more forward-looking policies and platforms to support the & # 39; innovation. The South Korean National Assembly has even discussed plans to create its own "blockchain island" a special area for blockchain with more friendly regulations and policies
Optimism driven by innovation
the government is parallel to the explosion of innovation that the local blockchain sector has seen in the last year. Several important events, many of them sponsored by the government, and intriguing projects have attracted the attention of industry watchers around the world. These projects have tackled everything from key industry issues to key business critical points.
The Sentinel Protocol, for example, was born from the experience of its CEO Patrick Kim with blockchain-based frauds. The company has released a free Google Chrome extension that allows users to validate ICOs wishing to invest, ironically, exploiting the power of the blockchain to combat the problems that technology has intrinsically integrated. Sentinel's hope is to significantly reduce ICO scams and fraud and lead to a more open and friendly ecosystem.
Others, such as ICON are trying to create a more transparent and efficient blockchain network. The company is already the largest blockchain in Korea and has shown applications in various sectors and sectors. Lucidity is another interesting Korean project with far-reaching potential, as it concerns transparency in the field of advertising and digital analysis. The company has won awards all over the world and has also won industrial awards for its services.
More important than a startup hub, however, is the establishment of South Korea as a center of conversation and innovation around the blockchain, a development highlighted in the various major scheduled and ongoing blockchain events in the country. These also include some of the most important names in many fields that surround the technology.
Block Seoul for example, an upcoming upcoming blockchain conference is set to have several high profile present speakers. Michael Hayden, the former head of the CIA and the NSA, and James Clapper, the director of the US national intelligence of the Obama administration, are both planned for publication together with various economic figures. The inclusion of these two safety-oriented names highlights the importance of security and the government's embrace for the future of the blockchain. As governments better understand the real implications of blockchain, technology should see greater adoption and acceptance by regulators.
Recently in July, the country also hosted Korea's Blockchain week, which included several major events and doubled the industry's luminaries. In addition, the South Korean government noted that it will continue to sponsor the sector and will offer more opportunities to attract new businesses and ideas in the sphere.
Words Backed By Actions
More than a show, South Korea's willingness to embrace the blockchain seems to be fully supported by government actions and statements. The country has wisely positioned itself on the crest of the blockchain wave, and is creating policies that will make it a leader in the way governments cooperate with this thriving sector. In this way, Korea has guaranteed that it will continue to hold its place among the most innovative countries in the world and will have an important voice on how the world interacts with the blockchain.