Blockchain Booms under South Korea’s Enthusiasm for Emerging Tech

Asia Blockchain Review
May 24, 2019

Over the past few years, news has continued to emerge of South Korea’s push for its domestic blockchain industry. As one of the countries most actively involved in the sector’s regulation and oversight, South Korea has become a leader in embracing the nascent technology and has been instrumental in the crypto industry’s ongoing boom. recently reported that Vitalik Buterin, co-founder of Ethereum, had an opportunity to speak to the South Korean Parliament in the capital, Seoul. He advised the legislature to reconsider and redirect its anti-crypto policies as well as the nation’s tech development towards blockchain, arguing that without crypto, there is no blockchain.

Despite anti-crypto legislation, the government of South Korea supports blockchain adoption, in keeping with its track record of adopting cutting-edge technologies. In 2018, the government earmarked US$880 million to be spent on blockchain development.

In addition to efforts at the national level, the country’s capital, Seoul, announced a US$108 million blockchain initiative to be implemented over the coming four years. The city venture will develop startups and construct a blockchain complex for emerging businesses.

South Korea’s culture of tech adoption and innovation is an important reason to expect the nation to lead in blockchain as well.

The nation’s economic growth since the mid-20th century initially depended on reverse-engineering foreign tech imports and introducing improvements, fostering the beginnings of its R&D culture. Long before Facebook had been founded, South Korea already had its own social network, Cyworld, that counted almost every young South Korean as a user.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
South Korea’s Postal Service to Adopt Blockchain for Billing
South Korea’s national postal service is partnering with Coinplug to apply the technology to its bil...

June 19, 2019

Relex Crypto Platform Endorsed by Over $600M Vietnam Seaport Project
The investment platform has been endorsed by a seaport development project in its request for invest...

June 18, 2019

South Korean Power Providers to Set up Blockchain System for Energy Certificates
The agreement will establish a blockchain-powered system to improve transparency and efficiency of t...

June 18, 2019

‘F1 Delta Time’ Offers In-Game Items Stored on Blockchain
A Hong Kong-based game developer is integrating blockchain into its titles to allow permanent owners...

June 18, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us