Having passed the evaluation phase, a number of South Korean financial institutions and firms are now working toward implementing blockchain technology into their services and infrastructures.
“At the moment, South Korea is the hotspot of blockchain adoption, with actual businesses and users making use of it on daily basis. South Korea has always been a pioneer in adopting new technologies and blockchain technology is no exception,” Won-Beom Kim, CEO of Blocko, told Bitcoin Magazinein an interview. “We expect a surge of blockchain adoption cases next year in a wide area of industries in South Korea, including banking, insurance, credit card businesses and the Internet of Things (IoT).”
As private blockchain technology matures, many are looking to replace their existing legacy ledgers and networks with the new technology, which promises to improve user experience and security.
“Blockchain is seen as a key technology to boost information and business process sharing, and the fact that many companies in South Korea are connected through business conglomerates will make the practice more attractive in South Korea than in other countries,” Kim said.
Currently, the most active area of interest is supplementing or replacing the National Public Key Infrastructure (NPIK) by using public key infrastructures