What happened to the Korea blockchain industry over the past five years? (by Blocko)

In 2016, when official certificate authentication was no longer mandatory, blockchain technology that could replace the inconvenient system started to attract attention. It eventually led to the development of additional services, and the government was eager to fund it as well. Recently, decentralized identifiers (DID), came to the fore. Blocko, a blockchain-dedicated platform, discussed the technology in a report. The report said that blockchain technology started to gain attention as a replacement system for official certificate authentication in 2016. Businesses started to focus on simple log-in processes and alternative authentication software. Some institutions started to test blockchain technology. In 2017, Internet-of-Things, electronic voting systems and DID technology started to emerge as the next big things. Especially when the Korea Securities Depository announced that it has implemented blockchain technology throughout its security system, the finance world really started to pay attention to the new technology. There was rising demand for setting a standard in blockchain-related technology in Korea. As a result, the Telecommunications Technology Association and the Financial Security Institute held forums and conferences related to blockchain. State-run facilities as well as the government started in 2017 to build a strong base in the blockchain industry for the technology to push it further into the future. This year, services like digital wallets and transaction services emerged as well. In 2018, according to the report, people started to pay more attention to the standardized technology of blockchain. The Seoul government constructed a standard platform for blockchain, and the Korea Minting, Security Printing & ID Card Operating Corp announced an open platform called Komsco that was built on cloud-based blockchain. In 2019, a countless number of government-led blockchain projects emerged. Most of them were lead by three organizations: the Korea Internet & Security Agency, the National IT Industry Promotion Agency and Institute for Information & Communication Technology Planning & Evaluation. The three institutions lead projects that were worth 25 billion won in total. From 2020, DID started to take the main stage in the blockchain world. DID can prevent manipulation of data as well as eliminate possibility of a data breach. It is also convenient since it only requires a one-time authentication process, which can be saved on individual devices such as smartphones and could be used for mobile banking services or other purposes. The coronavirus has led a boost in untact services. “Due to the Covid-19 pandemic, the DID has been recently evaluated as a core service that could lead to the popularization of blockchain. It ends the inconvenience of having to identify yourself every time you make an account in different service such as finance, e-commerce and games,” said Kim Won-beom, head of Blocko.

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