This blockchain technology promises greater financial inclusion for people in developing countries by giving them access to an efficient system of securing their finances. As for established countries like China, Korea, etc. They could be the leaders in blockchain innovation. I love seeing innovative countries looking to build their blockchain ecosystem. The Korean government needs to embrace this new technology.
Blockchain Technology Potential in Korea
Korea should not be looking just at Korea. They already power 700 million homes in electronics. Korea should be looking to partners to power 700 million homes in finance. This blockchain technology is poised to open up a new market for the financial services industry to provide mortgages, loans, and other services to over 7 billion people. Therefore Korea should not be worried about the 50 million people living in Korea.
The Korean government won’t be able to stop cryptocurrency technology. So instead of trying to stop it and ban it and so forth. They need to start looking to find a way to regulate it and keep all the bad actors out. If they do this they will be able to see the true distributed and decentralized power of Blockchain. This could potentially enable the entire global economy to run simply on connected smartphones, without the cloud, servers, central entity, or government. The key will be getting the bad actors out to realize this potential.
Who are the Bad Actors?
The cryptocurrency community in Korea wants these bad actors out as well. They are the ones giving ICOs a bad name. They are slowing us down and slowing down the government as well. The Korean government needs to protect their people not just from bad things but from missing a great opportunity to go global. They need to be working with crypto companies instead of banning them. Most of the crypto companies are good, sure there are some bad apples out there but the key is to open the door. Let them in. Then figure out who is good and who is bad.
The people in the crypto space need the help of government regulators and banks to stop the bad actors. Banning ICOs in Korea is only going to push a lot of great opportunities away from Korea. I feel the new world of finance is going to be driven by telecommunication and electronics. Korea already has an unfair advantage to step into that and they should use that advantage to be the innovators in this industry.