South Korea has been a major upholder of blockchain technology given the resources accomplished by multiple sectors in its development, including by major tech companies, banks, and government agencies.
Different Industries Engage in Blockchain Development
It has been reported that according to Fn News, major companies in South Korea’s tech sector, which includes electronics giant Samsung, its competitor LG, and leading internet firm Kakao, have been active with reference to push blockchain-based innovation and drive widespread adoption. These three corporations have declared significant investment in blockchain-related projects and startups through their respective venture capital affiliates.
Likewise, in the banking and finance sector, Shinhan Bank, KEB Hana Bank, and Woori Bank have reportedly established blockchain investments of their own and have integrated the technology into their business roadmaps.
Exceptional investments in South Korea include that of LB Investment (formerly known as LG Venture Investment) in blockchain firm Blocko, Samsung’s investment in blockchain-based digital content platform Theta Labs and cryptocurrency wallet ZenGo, and Shinhan Bank’s funding of blockchain-powered real estate platform Kasa Korea.
Similarly, cryptocurrency exchanges in South Korea are also showing interest in blockchain investment, with Bithumb operator BTC Korea and Upbit operator Dunamu seen developing their blockchain investment portfolios.
Seoul Government Builds Blockchain Business Center
The Seoul city administration has admitted the potential of distributed ledger technology and recently set a date to open its ‘Blockchain Support Center’ in Mapo district in October 2019. Once construction is finished, the 2,014 sqm center will lend office spaces for blockchain startups.
However, the project’s spokesperson said:
“We will provide customized accelerator services and good conditions for development for blockchain companies.”