Blockchain technology is seen to help the world with several use cases. Countries like China are embracing the technology for several real-world problems thanks to its key characteristics of decentralisation. In a recent speech Park Won-soon, the mayor of South Korea revealed plans of investing in an expansion for Blockchain.
The mayor made the speech in Zurich, Switzerland where he stated plans on the Blockchain Urban Plan for 2018-2022. The plan will cover 14 public services in five areas. According to the statement a total budget of $108 million which is 123.3 billion Korean won has been set aside.
An interesting part of the Blockchain plan is the protection of part-time workers in South Korea who don’t have the protection and security of their jobs. These part-time workers can register on a Blockchain application. The application helps share their information through labour welfare organisations and insurance companies to assist in deciding the insurance schemes.
Park also highlighted the development of 200 blockchain startups by 2021. A total budget allocated of $53 million which is equal to about 60 billion Korean won will be for this project.
South Korea is noted as the eleventh largest economy and so with a huge budget set aside for Blockchain technology shows that Blockchain is an essential part of the world’s development. It also portrays that South Korea wants to establish itself as the Asian hub for Blockchain activities similar to how Zug in Switzerland and Malta are Blockchain hubs in Europe.
South Korea’s Financial Innovation Bureau which looks after cryptocurrency related activities portrays that the Asian country is supporting cryptocurrency. Currently, many Asian powerhouses like China and India are tough against cryptocurrencies. China has wholly banned crypto related activities. While another Asian giant, India is still debating on the issue in the courts. Due to the delays Indian cryptocurrency enthusiasts are looking outside the country for future cryptocurrency related activities.
A few months ago the Supreme Court of South Korea had confirmed that Bitcoin is a legal asset but will not allow it for illegal activities.
According to the reports, South Korea is paving the way for a slightly regulated environment for blockchain and cryptocurrency. This is an indication of favorable future developments for South Korea.
Image Source – Flickr
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