The South Korean government believes Blockchain technology presents a golden opportunity for the country and has appealed to the private sector to exploit the opportunity and become a leader of the technology. The call by the government for the private sector to actively incorporate and harness the decentralized technology sounds quite similar to the one made by the Chinese President Xi Jinping last year.

The call for accelerated adoption was made by Koo Yun-Cheol, the Vice Minister of Strategy and Finance who recently chaired a meeting on using blockchain technology attended many private sector experts, reported a local daily.

During the meeting, the Vice Minister made note of the impact and adoption of the decentralized technology in the west and the positive forecasts for the growth of blockchain technology in American and European markets. Mr Koo Yun-Cheol added,

“The size of the blockchain-related industry is expected to grow by more than 80% per year on average, and is competitively supporting foreign countries to preoccupy the market that is attracting attention as a promising technology in the future.”

The Vice Minister also noted that the technological gap in terms of blockchain amid the United States, China, and Europe will be significantly narrowed down in the coming two or three years. The minister argued that South Korea should not lag behind in this technological race and must take all necessary measures to ensure that they are at the forefront of this technological advancement along with the current leaders. He added further,

“The public pilot project, in which the market demand has been confirmed through the pilot project, has been adopted as the main project. The system also needs to be reorganized.”

South Korea is counted among one of the most technologically advanced nations along with China and other western countries. Many technological giants like Samsung has emerged from the country and they want to continue there superiority in the technology field. In terms of blockchain and crypto, South Korea is counted among the early adopters where the country allowed crypto trading and incorporated blockchain in different fields including education, healthcare and supply chain management.

South Korea was also among the early countries to have banned Initial Coin Offerings after a 2-month long investigation showed that ICOs were one of the biggest cause of scams in the crypto universe. However, the recent call for blockchain adoption suggests their seriousness towards the technology and how critical they believe it is going to be in the coming years. Recently two South Korean ministries announced their support for the emerging blockchain industry and allocated $3.2 million in funding for the startups associated with the industry.

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