One of South Korea’s financial associations has announced that they have plans to a build a “Crypto Beach”. It will be a blockchain center in Busan. In addition, the beach will be modeled on Switzerland’s “Crypto Valley”. It is going to be located in the prime coastal area of Haeundae. Furthermore, it will act as an electricity grid, fully powered by cryptocurrencies.
The USA based company, Walmart have won the patent to develop the electric grid on the beach. It’s hoped that the blockchain technology will assist firms to manage the consumption of energy better. Furthermore, by using cryptocurrency, users can take advantage of publicly distributed transaction ledgers and a fairer energy production system.
Blockchain Based Electricity Grid
The patent shows that both homes and commercial firms are permitted to use a blockchain network of devices for energy consumption. In addition, these devices can be allocated a certain amount of cryptocurrency. It can then be used to buy electricity from a vendor.
Future of ICOs at “Crypto Beach”
As Haeundae is one of Busan’s prime areas, it’s hoped that “Crypto Beach” can also act as a commercial development center for blockchain based businesses.
However, many people are worried about how the conservative mindset of the authorities will impact this. Especially following the ban on ICOs.
That leads us to wonder. Could the crypto beach project be put on hold until people change their attitudes to the new decentralized technologies?
Hopefully, the Korean government will open up their eyes to the risks that banning ICOs poses to the country and its economy. It’s already apparent that Korea is losing talented businessmen and investors, as they take their businesses overseas.
Korean lawmakers are reported to be writing legislation that could lift this ban that many are worried is putting the country’s economy in jeopardy.
Korea Following in Switzerland’s Footsteps?
As Switzerland is currently the most blockchain friendly country in the world, these developments could lead us to wonder if Korea’s attitude towards blockchain and decentralization is slowly chaining. Furthermore, Korea has been home to some of the most advanced technological innovations in the world. This means the country truly has the potential to be right at the forefront of the revolution.
Switzerland recently announced that it will trial blockchain powered municipal voting this Summer. With such an open-minded approach to decentralization, we hope the world will start to follow in the footsteps of Switzerland.
Korea has had plans to go cashless for several years. Therefore, if we begin to see more openness towards the blockchain, maybe we could be one of the world’s first countries to purely operate on crypto.
Let’s hope that the lawmakers and politicians in the country start to show more openness towards the technological changes that the world is going through.
Blockchain technology is the future. Whoever is late to the party is only going to get left behind.
Here’s hoping that Crypto Beach could be the first step of Korea’s blockchain revolution!