Blockchain Development Company in Seoul, South Korea
Bitdeal - Leading Blockchain Development Company in Korea offers the best blockchain solutions in and around South Korea. As South Korea is known as a Global Blockchain Leader, which adopts blockchain technology in various industries, we extend our blockchain-related development services in Korea.
Blockchain In South Korea
As a cutting-edge-technology, blockchain has gained massive adaptation in 2018 and South Korea is making huge investments towards blockchain technology, following the nation’s tradition as a tech pioneer that fastly adopts the latest technologies.
Since there are some exchanges and ICOs banned in Korea, It doesn't stop its investors in adopting Blockchain Technology. And this blockchain technology has gained mass adoption in industries such as finance, trade, logistics, and health care.
Let us deeply look at the history of blockchain technology in Korea and blockchain-related projects in Korea in the upcoming section of this article.
Blockchain Regulation in South Korea
South Korea is the first country in adopting any new technology and innovations, allows for blockchain technology too. South Korea allows partial " Regulation free Zone " for using blockchain technology and also for crypto companies.
In South Korea, there is no existing regulatory regime that mentions cryptocurrency as regulated assets. However, the Korean Regulators apply the existing Korean laws and regulations for cryptocurrencies.
Busan a well-known Metropolis of South Korea has been declared as a “regulation-free” zone for blockchain development by the Korean Government. On July 24, The Ministry of SMEs announced that Busan, as the second-largest city in the country will adopt blockchain technology in various aspects such as finance, public safety and tourism, banking and a lot more.
Blockchain Investment Records in South Korea
Rather than anti-crypto legislation in Korea, the government started supporting the adaptation of blockchain technology as its tradition is to look forward with openness to all new technologies and innovations.
1. In 2018, Korea decided to spend $880 million on the development by blockchain technology by the end of 2019 with the R&D program by Korea's Government that institutionalized a commitment to innovation.
2. Seoul, the Capital of South Korea - The largest Metropolis announced its blockchain plan of about $108 million that is to be implemented between 2019-2023.
3. The Korean Government in 2018 allocated $35 million for blockchain technology development, which mainly includes a blockchain-based voting system.
4. The two ministries of Korea also announced their plans to introduce many educational programs on blockchain technology.
5. Trade Finance on South Korea is planned to put on the blockchain by 2021 says South Korean government.
Although Korea treads carefully, it is preparing itself to lead the world in adopting blockchain technology.
Blockchain Projects in South Korea
As Korea is a pioneer in adopting new technology, there are many Blockchain projects supported by the South Korean Government. Here is a list of blockchain-related projects in Korea.
1. Blockchain in Telecommunication Networks
When Line Corporation, a subsidiary of the Korean internet giant Naver developed and introduced its own cryptocurrency, meanwhile South Korean's famous chat app - "Kakao" introduced a blockchain platform.
LG U+, a South Korean Telecom Company, revealed that in collaboration with mobile carriers in Japan and Taiwan, they will soonly bring a new blockchain-based cross-border payment system. In addition, South Korea's largest wireless telecommunications network, SK Telecom also announced that it would implement blockchain technology over the company.
2. Blockchain for Identity Authentication
Iconloop, a Blockchain company in South Korea is planning to allocate funds raised from seven investment companies that participated in a Series A funding round to launch its blockchain-based digital identity authentication solution called “my-ID”.
This "My-ID" can be used for opening bank accounts without the face-to-face interaction and verification which allows for ID authentication information.
3. Blockchain in Most of the Korean Banks
Shinhan and NH Nonghyup banks including four major banks have joined hands with the South Korean blockchain initiative that aims for secured sharing of personal information.
One of the largest and oldest banks in South Korea, Shinhan Bank started implementing blockchain for speeding up the loan's process of approval. One of its blockchain-based loan products named “Shinhan Doctors” has been successfully implemented which reduces the time taken to verify the customer.
4. Blockchain-based Education
In September 2018, the South Korean ministry’s Information and Communication Division hosted the first Blockchain-focused lecture that helps in training to bring the next generation of blockchain experts and specialists.
The candidates to this course have been chosen through various interviews and this lecture resulted in a $90 million investment by the government of South Korea, which will have a huge impact on South Korea's Blockchain Vision.
5. Blockchain technology in the Gaming Industry
South Korea, the first country to introduce eSports events almost 20 years back. It also has highly dedicated TV channels to gaming. Being one of the biggest gaming markets in the world, South Korea has reshaped by the future of decentralized gaming.
Magnachain, One of the famous decentralized gaming projects has partnered with the Korean Mobile Game Association (KMGA), to help KMGA members in using the MagnaChain public blockchain network for developing blockchain games.
6. South Korean Government planned to develop a virtual power plant in Busan City which works based on blockchain technology.
7. Ministry of Maritime Affairs and Fisheries has announced its launch of blockchain pilot for the process of tracking of containers in the Port of Busan
8. The largest blockchain project ICON is used by the Government of Seoul to issue documents and perform a wide range of administration-related tasks.
9. The DAPA (Defense Acquisition Program Administration) has started implementing blockchain platform to protect them from the unauthorized alteration of defense business data.
10. The Korean Government has introduced a pilot project that uses blockchain to track the status of beef throughout the supply chain.
Source : thenextweb.com
Future Blockchain-based South Korea
While the other countries still struggling to understand the benefits of digital transformation, Korea has been digitizing itself constantly in various aspects of Korean life. The government of South Korea has been supporting the mass adoption of blockchain technology throughout the country.
As a whole, the future of South Korea with blockchain and crypto-related activities looks bright and the country will be an instrument in bringing blockchain to the mainstream globally.
Blockchain-based Industries/Businesses In South Korea
There are many industries in South Korea that started implementing Blockchain Technology. The electronics and telecommunication industry is one of the notable industry that makes huge revenue in Korea market with the adaptation of blockchain technology.
Here is some list of industries in South Korea that uses blockchain technology for their betterment.
1. Electronics and Telecommunication Industry.
2. Automobile Industry
3. Mining Industry
5. Tourism and so on.
Bitdeal - Blockchain Development Company in South Korea
As, knowing the potential benefits of blockchain development in Korea, Bitdeal started providing our exclusive blockchain development services in and around Korea. Our targeted metropolis in Korea includes Seoul, Busan, Ulsan, Daejeon and so on.
We are happy in expanding our blockchain solutions for major Korean Industries such as Telecommunication, Government, Agriculture, Supply Chain and lot more.
Our Blockchain Solutions in Korea
Our Blockchain Services in the land of Korea includes the following:
1. Private/ Custom Blockchain Development
We help Korean startups and enterprises to build their own private blockchain for their business development.
2. Smart Contract Development
Our experts are experienced in developing and deploying 100% bug-free smart contract codings for various business processes.
3. Decentralized Application Development
We offer Dapp Development Services for any kind of business, to increase user traffic and brand identity.
4. Blockchain Consulting Services
We have a separate team of blockchain experts who can consult individuals of Korea about Blockchain Technology and its use cases in their businesses.
5. Hyperledger Blockchain Development
Our Experts use various hyperledger blockchain technologies such as Hyperledger Cello, Sawtooth, Burrow, Fabric and more to provide unique blockchain development services.
We, Bitdeal have a 24 X 7 support team of experts who can offer complete support over your doubts and struggles in understanding the adoption of Blockchain Technology.
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