Korea Blockchain Association Leading the Trend

Are you familiar with Blockchain? Blockchain is now considered the next-generation internet and many in Korea are looking forward to its rapid growth. It is first created to realize bitcoin, the cryptocurrency but nowadays professionals are expecting it to be used not only for cryptocurrency, but toward IOT. Korea is also looking to set the trend of Blockchain. The Korea Blockchain Association, KBA, is now leading the development of Blockchain in Korea.

What is Blockchain?

There are three main characteristics of Blockchain. Understanding the main characteristics of Blockchain will help you to better understand the Korea Blockchain Association and why Blockchain is important, especially in Korea.

First, it prevents data forging. It records business data on blocks by regular time basis and when it records the block, it connects the block right after the previous one. As blocks are connected by timeline, it cannot be forged. Therefore, it guarantees high security level. Due to these characteristics, financial transactions and cryptocurrency can be developed.

Second, it connects the asset and the agent who owns it. Therefore, it prevents double usage and tracking the transfer is now enabled. As data is the key asset these days, data pirating was one of the key issues. However, with blockchain, data ownership, distribution, and usage can be effectively managed. This will enable the public data management and tangible or intangible asset management to be easier.

Third, data can now be managed by many and unspecified, P2P. As blockchain can be managed by several computers, not one specific one, such as a lone supercomputer is no longer needed. Even though one data gets lost, if other participant’s computers are being operated, a system can be maintained. Also as data is managed in a P2P way, there is no need for a central manager. Therefore, it would increase credibility. This will be a big help for realizing DAO.

What is KBA?

The Korea Blockchain Association is trying to facilitate the users’ understanding about Blockchain by distributing the right information and trying to settle Blockchain safely in Korea so that it can be used in a right way. KBA has 3 main key roles. Roles KBA plays is letting people understand Blockchain deeply so that they can use Blockchain in a safe way.

First, KBA is opening seminars for Blockchain and cryptocurrency.

Second, it is trying to facilitate the data exchange among worldwide users.

Third, KBA is enabling users to send out data through the internet.

Chloe Han
Chloe Han

Chloe Han is a journalist at Startup Radar. She covers the Korean startup scene as well as the latest Korean culture related content. She attends Yonsei University, majoring in Business Administration and English Literature and Language.

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