South Korean authorities have called on the private sector in the country to utilize the blockchain technology for its potentials so that the nation can become a leader in the global blockchain market.
This was made known at a round-table conference by the country’s 2nd Vice Minister of Strategy and Finance, Koo Yun-Cheol, who also said that the government would provide support for blockchain projects in stages to create the initial market.
Analyzing the potentials of the technology, Yun-Cheol stated that the blockchain industry is expected to grow by more than 80% every year on average.
Although the blockchain technology is still at an early age, the global market is becoming more competitive as countries around the world are investing and tapping into tech.
The Korean minister urged blockchain-related companies and private industry experts to seize the opportunity as it is a “golden time” to start adopting the blockchain. Yun-Cheol believes that the existing technological gap with the United States and other countries in Europe is not wide, which makes it the right time to get into the market.
“The government should play a more active role in creating the initial market. The technological gap with developed countries such as the United States and Europe is not large for 2.3 years, so it is now a golden time for pursuit,” he said.
Meanwhile, China, Malta, Singapore, and others have fully embraced the technology and have successfully completed several blockchain projects in different sectors of their economy.
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