South Korea to Back Blockchain Development With USD 200 Million+

South Korea has been at the center of crypto trading. Now it looks like the nation’s government is looking for ways to support blockchain development. In a recent statement, the national Government of South Korea announced plans to fund a broad-based effort to develop a range of blockchain technologies.

The newly announced initiative will raise funds over the next four years and plans to support research into how blockchain could be applied to six different areas in South Korea. They see international electronic document distributions, real estate, marine logistics, online voting, personal customs clearance, and management of livestock chain-of-custody as the most promising uses for blockchain.

They will be joining numerous other countries that see a bright future for blockchain. Like many companies that operate in the private sector, the government of South Korea doesn’t want to be left behind as the world looks for ways to adapt blockchain to industries that have been resistant to innovation.

Ease of Transit

Aside from FinTech, the logistics sector is a great area for rapid implementation of blockchain technology. Many of the world’s largest logistics companies are already looking to blockchain to simplify records. IBM and Maersk are working on a blockchain platform to make records easier to access. The Port of Rotterdam is also working on a similar program.

South Korea is a major manufacturer, and also a logistics hub for global trade. It makes sense for them to ensure that their companies have access to the best technology available, and are able to interface with other blockchain systems that are evolving in the world of industrial logistics.

Blockchain also has the potential to revolutionize the way international trade is settled financially. As the recent use of blockchain to clear payment for a cargo of soybeans that was shipped from Argentina to Malaysia demonstrates, blockchain has the ability to replace the archaic Letters-of-Credit system that has been used for centuries.

South Korea – Supplying Safety

South Korea will also be joining major retailers like Alibaba and Walmart in looking for ways to use blockchain to ensure food safety. Counterfeiting is a problem in the global food supply. Blockchain can help companies and governments to ensure that food is correctly labeled, and authentic. Additionally, blockchain can help track down contaminated food rapidly.

The recent move by South Korea demonstrates how blockchain is evolving into an industry that is more or less removed from cryptocurrencies. While there may be overlaps between the two, blockchain has taken on a life of its own.

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