Blockchain a Rare Prospect, Declares South Korean Authorities

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Vice Minister of Strategy and Finance is calling on the blockchain industry to take advantage of the “perfect” prospects.

The government of South Korea has said the blockchain market portrays a “rare prospect” for the nation. They also are relying on South Korean private-sector businesses to harness the advantage.

As shown in a study released by Fn News on April 17, the Deputy Minister of Strategy and Finance, Koo Yun-Cheol, convened regarding blockchain technology that gathered forth several experts from the private sector.

United States and European Market Prospects
Koo alluded to optimistic projections about the development of the adoption of blockchain technology in international markets, such as Europe and the US. He went on to state:

“The capacity of the blockchain-related industry is projected to rise by far moreover 80 percent per annum on average, and optimally encourages foreign countries to consider as to the industry which could bring awareness as a potential technology and knowledge.”

The vice-minister stated that the technology divide between the U.S., Europe, and China may be lowered within the next two or three years.

South Korean Authorities Participation in Promoting Early Market Development
The same gathering encouraged the South Korean authorities to participate in the environment ahead. They proposed that considering the potential of the existence of an early market, the country might leverage from those prospects.

Koo added:
“The public pilot project, in which the market demand has been confirmed through the pilot project, has been adopted as the main project. The system also needs to be reorganized.”

The national government did not reveal a concrete budget for strengthening the country’s blockchain industry.

On March 17, two South Korean agencies reported declaring their assistance to the blockchain industry by earmarking close to $3.2 million in grants to local startup companies.