Expert Insight

Six reasons to set up blockchain businesses in South Korea

South Korea continues to make the headlines every other week for new advancements in the blockchain space, observes Daniel Peled, President of Orbs

  1. Furthering blockchain education is a priority.

In order to actively promote and facilitate the next generation of blockchain pioneers, there are now a number of initiatives driving education in the space. There are opportunities for young people to engage with the technology in South Korea.

Fostering talent in crypto and blockchain is vital to fill the growing demand for blockchain developers and professionals that is set to skyrocket in the coming years. Coined as the fourth industrial revolution, numerous universities and corporations in the country are uniting to create opportunities in the sector including SAP, PWC Oracle, and the Seoul National University Hospital.

  1. South Korean residents dominate global crypto investing.

A growing mecca for blockchain projects, it is estimated that 20% of global Bitcoin trades are from South Korea and that it is to thank for 30% of all crypto trades. Significant advancements in the country in favour of mainstream blockchain use include the recent launch of a blockchain-based digital currency to be used as an alternative to the state loyalty scheme in the province of Gyeongsangbuk-do. There are no qualms about getting involved with every demographic fighting for a piece of the pie from pensioners, Millennials to baby boomers, despite a lack of understanding of how the technology works.

  1. It’s a haven for industry events.

Seoul, the capital of South Korea, has become a hub for industry conferences and large-scale events. The inaugural Korea Blockchain Week, Asia’s most prominent blockchain conference, held in Seoul this year, saw a plethora of speakers from around the world take to the stage to share their insights. South Korea is increasingly regarded as a global centre for cyber innovation, as a result of a radical shift in attitude to blockchain and cryptocurrencies.

  1. The government are strategising for the future blockchain society.

Taking a considered, forward-thinking approach, the South Korean government’s changing attitude in support of the emerging technology is exemplary. Working from the ground up as opposed to haphazard defensive tactics from other countries, the innovation in South Korea is something to be sought after, following a major turnaround in the battle against scams in the space.

The National Statistical Office with the Ministry of Science and Technology and the Ministry of Information and Communication, together recently created a blockchain industry classification scheme to form the foundations from which policies will be developed around the development of blockchain businesses in finance, security, insurance, intellectual property, pharmaceuticals, and supply chain, to name a few.

  1. The country’s lawmakers are taking action.

The so-called Blockchain Law Society launched in South Korea in August, an organisation dedicated to building solid frameworks with the help of a team from universities, computer engineering and finance, all experts in their respective fields. This week, we have seen a new proposal from prominent lawmaker to create a special crypto zone allowing initial coin offerings (ICOs).

  1. It’s home to global tech giants.

South Korea has managed to draw in the world’s biggest tech leaders as well as attracting global powerhouses, like Samsung and LG to lay foundations in the region. With the focus on exploring emerging technologies and cementing the foundations for renowned tech giants, South Korea have committed to investing heavily in development, with funding expected to exceed $4.4 billion in 2019.

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