Many powerful countries are fighting for the blockchain crown, but for some reason people are underestimating the Korean blockchain ecosystem.
In case you missed it, South Korea ranks fourth in global cryptocurrency trading volume. With the United States first, then Europe, then Japan. Furthermore, they have a blockchain and crypto ecosystem that is alive and vibrant. Simon Seojoon Kim, CEO of Hashed, discussed in his op-ed about how South Korea holds the largest potential for a crypto test bed globally due to its characteristics and approach towards the technology. In fact, multiple startups for blockchain has spurred in Korea, trying to tackle the challenges of community mainstream adoption.
In Seoul, GroundX held a recent event called TXGX, a blockchain forum that highlighted the pending impact of South Korea with the blockchain industry. The forum gathered winners from a recent BApps contest from Klaytn. The attendees were able to talk with the CEO of GroundX and gain insight from the Korean blockchain ecosystem.
The State of the Blockchain Ecosystem in Korea
South Korea isn’t a stranger to social rife and financial and political ripples. Early in 2017, South Korea experienced difficulties with blockchain regulation. Considering that the platform is relatively new at the time, industries and governing bodies had problems coming up with regulations. And add the fact that individual blockchain investors were increasing by the day, the nation’s people sprung into action. Forums, meetups, and events, much like TXGX, were held by major startups who shaped the blockchain perspective in the country. Hashed, Klatyn and Link are some who are frequently mentioned.
These companies work to solve difficulties that Ethereum currently has like security, speed, and increase in volume. In addition, the governing bodies also started to set foot with regulations which cushioned the large volume of unwarranted transactions. As a result, South Korea brings life to blockchain with the possibility of mainstream acceptance, as compared to other countries.
How IOST Fits into the Blockchain Ecosystem
South Korea has a strong hook when it comes to technology and industrial influence, especially on its neighboring countries. Even with industries like food, entertainment, movies and television, and social media. Korean brands have found themselves influential alongside more western products and services. That alone can help streamline mainstream adoption.
IOST presents a more scalable public chain with ease of use for both users and developers in mind. Klaytn, which was mentioned by Seojoon Kim is estimated to be able to bring in 50 million active users with blockchain. IOST’s scalability tackles the challenges that contemporary chains like Ethereum is facing especially when it comes to handling large volumes. With all aspects considered, IOST’s capabilities fits well into South Korea’s progressive take on blockchain. And with IOST focusing on on-boarding developers and teaching the public on how to use them, it’s no wonder IOST fits perfectly into the Korean blockchain ecosystem.
South Korea as a Blockchain Powerhouse
South Korea has the capability of becoming a blockchain powerhouse. They have the attitude, technological progression, and industrial influence to accomplish this feat without difficulty. Though regulations and taxation are still in its early stages, we can still say that the South Korean government has a more open-minded touch compared to other leading countries. But the biggest asset the South Korea has is the trust and activeness that the general public has with blockchain. Major startups can redirect those individual investors who were touching the early phases of blockchain to help create a stronger, more sustainable public chain that could help boost the country’s economy. And South Korean has proven in history that they have that kind of attitude.