Blockchain News

South Korean Government Steppin Up Blockchain Investment But With a Little Faith

Many governments across the world are now making investments in new technologies like blockchain and crypto. The South Korean government is not an exception to this trend either. This government has decided to step up its blockchain investment, however, the government seems to lack trust in this technology. The country is not sure about the future of cryptocurrency.

On the other hand, the largest company in this country named Samsung is about to sign one more global blockchain deal. As per the news report, the Ministry of Science and ICT has issued a new vision for the future, as per which it wants to apply blockchain technology to every part of the society in the coming future.

The report also stated that one government official said that the country would be hugely benefited from the adoption of blockchain technology. This technology would bring multiple economic benefits to the country. However, the government official said that the technology is not fitting into the rules and laws of the country, the country will have to take steps to avoid the possible friction between them.  Plus, the attitude and perception of the South Korean people and government in the context of technology are negative, and this needs to be changed too.

The South Korean government has been following a two-tiered perspective towards cryptocurrency and blockchain. This particular approach of the government is attracting lost of criticism (in veil) from Vitalik Buterin Co-founder Ethereum.

the booklet issued said,

“Now that the bubble of cryptocurrency investment has been done away with, it is time to concentrate on the growth potential of blockchain technology. We must develop new business models based on blockchain technology and move ahead of the market.”

The government has distributed this booklet to other government agencies too. This is done to make sure all the private and public sectors adopt the blockchain technology. Seoul Metropolitan Government agencies said that this year, they will create a range of additional public services to function on blockchain-backed platforms.

Here, the government is taking steps forward in its way; on the other hand, IT arm of Samsung  ‘Samsung SDS’ has signed a deal with Tech Mahindra to explore blockchain related opportunities in India, the US, and Europe. The company has been conducting most of its blockchain activities through Samsung SDS.

Tech Mahindra has been interested in South Korea for many years. In 2011, it purchased SsangYong.

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