Blockchain Technologies will Revolutionize the Korean Startup Ecosystem

Blockchain technologies will disrupt many industries in Korea.  We will not mention the financial sector as that will be a given.  We will look into other industries in Korea and how Blockchain technologies will revolutionize the Korean startup ecosystem for years to come.  Korea has become a key player in the cryptocurrency world.  Therefore, many Korean startups are looking to embrace blockchain technology and many blockchain-based services are in development.

Healthcare

Korean startups are incorporating the distributed ledger to help the medical industry in Korea.  A distributed ledger is great for record keeping.  Gone will be the days of doctors writing down important patient details on a paper inside a manila folder.  Buy putting medical documents on the blockchain the industry will be more streamlined and efficient.  Patients will be able to access their information as well as be able to manage their medical information.  Also, the blockchain will help hospitals from possible data breaches and malware attacks.

Fashion

Korea is crazy about their Fashion.  The popularity of K-pop in Asia has made Korea the trendsetters of fashion.  Using blockchain technologies shoppers in Korea can use their smartphones to scan a tag on a particular clothing item and read the authentic story of where it came from and how it was made.  The Blockchain digital ledger can hold information regarding the fabric used, where it was manufactured, where it was shipped from, and where it was sold.  All this information which might have taken weeks to get can now be accessed within seconds.  Therefore, the days of fearing counterfeit brands will be of the past.  Look for more and more Korean fashion brands to incorporate Blockchain technologies going forward.

Gaming

Koreans are crazy about their e-sports.  If you turn on the television in Korea and scroll through the channels you will certainly find at least one gaming channel showing pro gamers battling it out in front of an audience.  Blockchain technologies will revolutionize the gaming industry by creating virtual marketplaces where you can manage and trade virtual goods.  These goods will be owned by the user and even if the game gets shut down, their goods will not be lost.  Also with crypto payments, in-game purchases will become quick and easy for transferring payments from players to the game developer.  Developers will also be able to reach their consumers directly through these virtual marketplaces.

Leading the way in Blockchain Innovation

South Korea has been looking to lead the way to be innovative in blockchain technologies.  The opportunities are limitless as long as the technology itself is scalable, transparent, secure, and decentralized.  As the blockchain industry itself evolves, the industries will evolve with them to bring a whole new set of innovations to Korea.

John Yoon

John Yoon is the Editor in Chief at Startup Radar, Organizer for Startup Festival 2017, and the Intl. BD Manager at 500v2. Email = john@startupradar.asia Wechat, Kakao, and Line user ID is jswy315

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