Apart from the news of South Korean exchange Bithumb partnering with Nonghyub bank and reopening account registrations after a month-long freeze, more development is on its way. It seems that South-Korea is making their move to full blockchain adoption.
From the digitalization of music to monetization of game content, it is not new news that South-Korea has been a leader in the mass adoption of digital trends. South-Korea is possibly going to lead Asia with blockchain and the country’s distributed ledger ecosystems because there have been reports of two new major developments.
Local media MoneyToday reported that South Korea’s SBI Savings Bank signed an MoU with Asian-based data finance group, DAYLI Intelligence and aims to enhance the bank’s AI and blockchain technology and building out its FinTech capabilities through this strategic partnership.
The project will focus on “machine learning” that will maximize efficiency and reduce costs and will be run on South Korean ICON LoopChain blockchain platform, using their distributed ledgers, smart contract mechanisms and settlement, trading and Internet of Things (IoT) operations.
Financial institutions, insurance companies, hospitals and universities across Korea which are already on the ICON Network claims that LoppCHain will enable services such as automated insurance claiming, digital payments, smart vending machines in universities and also inter-hospital data exchange.
More reports indicate that South-Korea is shifting from crypto speculation to blockchain development. The South-Korean government plans to increase its blockchain pilot budget for 2019 by US$9 million, in addition to an initial US$9 million fund for both 2018 and 2019. Areas of blockchain development include supply chain management, customs, voting, real estate, cross-border documentation and logistics.
An interview with Chief executive of Hashed, a crypto fund based in the country, Simon Kim told Asia times that Korea is “the holy land of crypto”. “The global audience is watching the industry and talking about the mainstreaming of crypto – but it really is part of the mainstream in Korea. Kim added, “Korea is very future-orientated, Korean people do not hesitate to buy digital content, it is part of life, as many digital trends were proved by Korea.”
Such positive news is good to see as South-Korea is one of the key players in the industry. Once regulations have been worked out with the government, there is a high chance that the crypto companies and the ecosystem there are going to flourish.
Image credit: Channel News Asia