The Blockchain is one of the most promising new technologies for the future.  Some might say it is a game changer just like the internet back in the 90s.  The Blockchain provides a way to record and transfer data that is transparent, safe, auditable, and resistant to outages.  Therefore, the Blockchain will most likely disrupt many industries in Korea in the next decade.   They have already disrupted the crowdfunding industries with ICOs as more and more Korean companies are going outside of Korea to do ICOs.  Here are the top 10 Blockchain industries in Korea by 2020.

10.  Voting

This is one of the most important areas in society that Blockchain will disrupt.   In 2017, South Korea’s spy agency admitted they tried to influence Korea’s 2012 presidential elections by using psychological warfare.  In the end, it worked as Park Geun-Hye ended up being the president.  We all know how that turned out (in prison for corruption and abuse of power).  The election in 2012 was very close.  Park beat the current president, Moon Jae-In by only a few percentage points.  This shows that the spy agency played a big role in the election.

America recently had their own issues regarding elections.  Many feel Russia played a big role in rigging the election for Donald Trump.  Korea does not want this to happen for 2020.  Blockchain technology can be used for voter registration, identity verification, and electronic vote counting.  This will ensure that only legitimate votes are counted and no votes are changed or removed.  Therefore, Korea could lead the way in implementing Blockchain technologies to truly hold a fair election.  Creating an immutable, publically-open ledger of recorded votes would be a massive step forward in making elections more fair and democratic in Korea.  Many Blockchain Industires in Korea will incorporate a Blockchain voting system.

9.  Real Estate

Some of the issues in buying and selling real estate in Korea are bureaucracy, lack of transparency, fraud, and mistakes in public records. Real estate is big in Korea.  About 70% of Korean household property was found to be real estate.  Which means real estate assets account for a large portion of a Korean household’s assets.  This is why Korea real estate is so important in Korea and many regard buying houses as a means of investment.  This is why real estate deals need a trusted third party and take a lot of time to process.

Using Blockchain technologies can speed up transactions by reducing the need for paper-based record keeping.  It can also help with tracking, verifying ownership, ensuring the accuracy of documents, and transferring property deeds.  For Korea who relies heavily on real estate, it would benefit them to start incorporating Blockchain technologies early.

8.  Online Music

Even people think of Korea they usually think of K-pop first.  K-pop has not only taken Asia by storm by the whole world.  However what most do not realize is that a vast majority of these K-pop stars do not earn a lot of money.  While groups that come out from SM Entertainment, YG Entertainment, or JYP Entertainment might get paid immediately when they debut, other companies require all money earned to go back to the company who invested in them.  Some have said some K-pop artists earn around $400 per overseas shows after the company takes their cut which could be as high as 90%.

Therefore these mid-level K-pop stars and musicians in Korea as a whole need to find new ways to get paid.  This is where Blockchain technologies can allow for musicians to get paid directly from their fans.  K-pop fans are very loyal and there is a market to make sure their money goes directly to the artist and not the corporations.  Musicians will now not have to give up a large percentage of sales from record companies.  Also, smart contracts can automatically be used to solve licensing issues and better catalog songs with their respective creators.

7.  Charity

Korea had a very big scandal in 2010.  One of Korea’s largest charity organization called Community Chest of Korea also known as “Sarangeui Yeolmae” were found to have fixed their accounting records to cover up irregularities in spending.  They were also suspected of having given special favors in hiring staff at the request of senior officials at the organization.  Since then Korea has been reluctant to give to charity organizations and many organizations in Korea since then have gone under.

One of the main complaints in the charity space that Korea has to solve is corruption and inefficiency which prevent the money from reaching those that really need it.  Using Blockchain technology to track donations can let you be sure that your money is going to end up in the right hands.  The Blockchain’s secure and transparent distributed ledger lets the donors see that the intended party has received the funds.  Hopefully, through Blockchain technologies, people in Korea will start to give to charities like they did in the past.

6.  Transporation

While ride-sharing is popular in the west, in Korea only about 2 out of 10 Koreans use ride-sharing services.  Therefore there is still a huge market and opportunity in Korea.  The biggest advantage of ride-sharing services is the low costs.  Korea’s top ride-sharing company Poolus feel the main goal is educating Korea on the benefits of ride-sharing.  Currently, ride-sharing services account for only 1% of taxi rides.  Therefore there is still a lot of room for growth.

The Blockchain can be used to create decentralized peer-to-peer ride-sharing apps.  This will allow both car owners and users to arrange terms and conditions in a secure way without third-party providers like Poolus.  The use of built-in e-wallets can allow car owners to automatically pay for parking, highway tolls, and electricity top-ups to their vehicle.  Transporation will be changed a lot and it will be one of the most impactful Blockchain industries in Korea that will affect everyday Koreans.

5.  Cybersecurity

South Korea has been under attack from hackers for many years.  This makes sense since South Korea is one of the most dominant tech countries in the world.  North Korean hackers have done many cyber attacks on South Korea.  North Korea has also been accused of stealing from cryptocurrency exchanges.

More and more South Korean companies will incorporate Blockchain technologies for better security online.  While the Blockchain ledger is public, the data is verified and encrypted using advanced cryptography.  The Blockchain eliminates the need for middlemen making it more efficient than many legacy systems and cybersecurity.  Cybersecurity will be one of the most important Blockchain industries in Korea for the Korean government.

4.  IOT

The IoT is the connected world of devices, vehicles, buildings, and etc embedded with software, sensors, and network connectivity.  This connected world also brings bad actors looking to hack into the system.  This is why Blockchain and IoT go so well together.  Blockchain can solve many of the problems IoT faces in regards to providing a secure, low-cost way for devices to interact.

Samsung and IBM are using Blockchain technologies for a new concept called ADEPT (Autonomous Decentralized Peer-to-Peer Telemetry).  This will create a decentralized network of IoT devices operating like a public ledger for large devices.  It would eliminate the need for a central location to handle communications between them.  The devices would be able to communicate to each other directly to update software, manage bugs, and monitor energy usage.

3.  Healthcare

In Korea, there are very few community hospitals.  Many doctor’s offices and hospitals in Korea are privately owned.  Korea provides a national health insurance which everyone must be a part of.  Koreans only get private health insurance to cover expenses that the national health insurance does not cover.

So a Korean would visit a doctor.  After the diagnosis, the patient pays a small deductible to get a prescription.  Then the patient will need to go to a pharmacy to get the prescription.  Again she will pay a small deductible.  Then the doctor and the pharmacist claim the full cost (set by NHIC).

Koreans have limited coverage from their healthcare.  Therefore Korean who have issues with chronic conditions or complex diseases like cancer, the NHIC will not cover it.  This is why many Koreans get cancer insurance in Korea.  Doctors in Korea also do not earn as much as Doctors in America or Europe.  This is because even if you are the best doctor in Korea, you still have to charge the NHIC set price, which is already low.  While the Blockchain cannot change these current standings, they can help in other ways.

Challenges for Hospitals in Korea

One of the main challenges hospitals face is the lack of a secure platform to store and share data.  They are also victims of hacking because of outdated infrastructure.  Blockchain technologies can allow hospitals to safely store data like medical records and share with the authorized professionals or patients.  Therefore, this will improve data security and can even help improve accuracy and speed of diagnosis.  In addition, Korean doctors need to see as many patients as possible which means having a fast and accurate diagnosis is a Korean doctor’s main concern.

The healthcare sector in Korea is the readiest now for Blockchain technology transformation in relation to security, and accountability of electronic health records and health information technology, medical supply chains, payment methodologies, research capabilities, and data ownership.  Many healthcare Blockchain companies, like Zikto, Medibloc, and My23  launched their ICOs abroad because of Korea’s ICO ban.  Healthcare will be one of the main Blockchain industries in Korea by the end of 2020.

2.  Government

Government systems are often slow and prone to corruption.  Korea has learned a lot because of Park Geun-Hye and her corruption scandal.  If any country needs transparency in their government it is Korea.  Using Blockchain based systems can significantly reduce bureaucracy and increase security, efficiency, and transparency of governmental operations.  For example, the public benefits provided the government can use Blockchain technologies to help assess, verify, and distribute welfare or unemployment benefits in a much more streamlined and secure way.

Samsung Electronics Co. is the most-valuable multinational tech company by market capitalization and is at the heart of Blockchain innovation in South Korea.  They were also at the center of the Park Geun-Hye scandal.  Now that Samsung Group has launched various integrated Blockchain platforms which can be used in all industries such as Fintech and Govtech.  It is important for the Korean government monitor and regulation the Blockchain and crypto space with integrity.  History has shown that the more a country embraces new technology the higher chance for development and innovation in that country.

1. Banking and Payments

Many financial experts feel the Blockchain will do to banking what the internet did to media.  Out of all the Blockchain industries in Korea, banking will have the biggest impact.  The Blockchain technology can be used to give access to financial services to billions of people around the world.  Especially to those that don’t have access to traditional banks.  Technologies like Bitcoin allow anyone to send money across borders almost instantly with very low fees.  Korean banks are increasingly investing in blockchain projects and startups.

Just a few weeks ago, South Korea’s central bank, the Bank of Korea, announced they were thinking about cryptocurrency and blockchain applications for their future projects for a cashless society.  It is very likely that most banks in Korea such as Shinhan, Woori, and etc will start applying blockchains and passwords to payments.  The major goal of the Bank of Korea project is to reduce the cost of producing physical currencies.  South Korea spends close to $50 million in issuing physical currency.

Korean banks will continue to do research and monitoring on digital currencies.  Much the same way the Korean government is doing.  South Korea is home to some of the largest cryptocurrency exchanges such as Upbit and Bithumb (5th and 6th in the world).  The more Koreans start embracing cryptocurrencies the faster the Banks will adapt.  It is very possible South Korea will be a cashless society by 2020!

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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.

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There are around 100,000 patients in the UK alone who are suffering from Parkinson’s disease.  Most of them have different kinds of impacts on them.  Either it is health-related, it is expensive, or it is inaccessible to quite a lot of people.  MEDEXO Robotics approaches the problem from a different viewpoint.  They’ve taken the technology apart.  Then they tried to use low-cost local technology.  Through the design process they’ve tried to make it non-invasive.  Therefore in a social meeting or in a social context, it is not that obvious for someone to see that the patient has a device on their hand.

This innovative startup developed their first prototype.  It is basically the proof of concept for their technology and they’ve applied it to the AIA healthcare Startup Accelerator program in Hong Kong.  In their first prototype, they did have an exterior component which a person has to keep in their pocket.  However, they are looking forward to having it assembled in one single go.  Therefore, that’s where most of their funding will go.  They’re just trying to provide a structure which would at least help them live their life properly on a day to day life basis.

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Development of healthcare is running faster than ever. Medical treatment improves the everyday life of each patient. In addition, client data is getting more significant. The more accurate data doctors get from the patients, the better service they can provide. Not only this, the accumulated data can also help the development of treatment go faster. Korean startup HUINNO is leading a new market to innovate healthcare. They provide powerful tools to better understand health status and accumulate related data.

Korean startup HUINNO is a digital healthcare company who is now innovating a way clinicians and patients can manage chronic cardiac diseases throughout using the technology they developed by themselves. The platform they have gathers data all the time. It measures a variety of clinically relevant health data even with proven accuracy. Using Sensors and algorithms, HUINNO has enabled doctors to track down health data.  This includes blood pressure, heart rate, ECG, and SpO2. Even more, due to the App HUINNO has and the cloud-based ecosystem, longitudinal trend analysis of health data is possible.

Product of HUINNO

First product HUINNO came up with is a clinically proven wearable device and associated ecosystem. It monitors important vital signs for the health data from the wrist. It automatically saves data it gets continuously and accurately. Managing risks and checking out the condition of the patients would be so convenient with it no matter where the patient is or what time it is. Vital signs that this one simple device can check on are systolic and diastolic blood pressure, electrocardiogram (ECG), blood oxygen saturation level (SpO2), respiratory rate, heart rate and also the activity tracking.

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Korean startup Littleone is a must have for new parents in the digital world.  The startup is looking to launch in China where the demand for childcare is very high.  There are a lot of parents that do not have enough time and energy to take care of their baby in an efficient manner. The Littleone app offers solutions through IoT.  Parents can now get bowel alerts for diaper rash prevention and log the baby’s temperature.  It also records feeding records as well as sleep records.  Having a record of a baby’s sleeping pattern is crucial for a baby’s development.

What it does

Through the next level parenting app, the parent can get early childhood development healthcare consulting by affiliated institutions.  As well as get baby supplies through their subscription which has a patented algorithm for intelligent predictions.  Littleone is not only an app but a healthcare community where you can share information and read reviews.  There they can share vital information about childcare, take classes and lessons from professionals.

Little also offers new and innovative products.  Here are three you should keep an eye out for.

• SMART-PEEPEE

A pee and poop sensor with an alarm, statistics, and more.

• SMART-TEMP

A thermometer band that monitors, alerts, and analyzes.

• SMART-BOTTLE

Warms and sterilizes milk/formula and gives tilt and air warnings.

All this data collected on the platform will give the parent a full visual understanding of how your baby is growing.  Not only that but the data will be reviewed by professional doctors for feedback and consulting.

Littleone hopes to launch sometime in mid-2018 and if it is a success in China, look for Littleone to come into Korea by the end of 2018.  Those that can not wait, you can sign up for the latest updates from Littleone by subscribing to their email here.

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Korean Startup MEDiHERE is an O2O platform for providing reliable medical information.  It is a combination of LinkedIn and social e-commerce for medical content.  Think of it as a social media site for Korean doctors and a place where they can promote their service.

In Korea, the many patients do not trust the medical ads shown on advertisements.  Many people are making serious medical decisions with the wrong information.  It has been known that doctors and hospitals sometimes make false claims to bring in more patients (customers).  It is hard for Koreans to know who they can trust.  Finding a reliable source what a particular hospital specializes is very hard.  Going deeper, finding what a doctor specializes in is even harder.

Hospitals in Korea are always competing against each other.  This explains why medical ads are so expensive.  If hospitals are going to spend a lot of money on advertising it has to be effective.  But where can doctors and hospitals promote their service effectively?  Data also shows that the public is starting to distrust the medical ads that exaggerate claims and results.  Therefore most go off recommendations from their friends or family when it comes to choosing the right hospital or doctor.

How MEDiHERE Works

Korean Startup MEDiHERE has the solution.  Through their platform, they can provide the specialized fields of doctors and hospitals.  Also, you will be able to compare medical information of different doctors and hospitals.  Patients can now detailed information about doctors and hospitals.  Hospitals and doctors can now do effective marketing that targets patients that need their service.

Download MEDiHERE

Patients can download the MEDiHERE app and a list of medical treatments, doctors, and hospitals will come up on the main page.

Then they can see detailed information regarding medical treatments, hospitals, and even doctors.  Doctors and hospitals can manage their personal profiles.  If a doctor needs to change hospitals, MEDiHERE can easily transfer their information.  You can even compare your medical information on your page to the newest medical trends on MEDiHERE’s medical newsfeed page.

Korea is famous for their plastic surgery and dermatology industry.  When you walk around Gangnam or Apgujeong, you can’t go a block without seeing some form of advertising related to plastic surgery.  MEDiHERE can provide the same service for them as well.

Their team includes some of the top branding specialists in Korea, as well as, plastic surgeons who have years of experience in the industry.  They are looking to become Korea’s top medical information O2O platform.  It aims to be the social network system for doctors in Korea.

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A Korean startup called LEMCA has created an A.I. suction device that is both automatic and unmanned.  The CEO Jung Kil Kang has over 13 years of experience in the medical device industry.  He felt there were just too many issues with existing products out there.  Patient care requires 24-hour care and for humans, that is difficult to do.  There are also high risks of infection and a lot of medical waste is generated and overall resulting in high medical costs.  This is why LEMCA was created to make an automatic, unmanned, artificial intelligence suction device.

The device measures and collects respiratory information of patients.  The analyze the basic breathing flow and pressure of the patient as well as analyze the breathing pattern and lung sounds.  So they will have a strong database regarding the respiratory system.  The A.I. and not the human decides whether to remove the sputum.  The cost saved because of this device is $2,400 for an average 2 week stay by a patient in the ICU.

LEMCA is planning to expand into the Chinese market as well as the U.S. market in 2018.  By 2027 they hope to be in 125 countries.  Every country will need this device because it will reduce the cross-infection in hospitals, reduce nursing care costs, reduce materials for medical treatment and reduce medical waste.

Patients will benefit the most as they will decrease the pain of bronchial adsorption and reduce surgical infection by 99.9%.  LEMCA looks to be the first to use an automatic suction type.  They are leading the way in this field as there is a rise in demand for patients and an increasingly aging population.  Being the first to market is the biggest advantage LEMCA has at the moment.  Therefore if they are successful, they had so far in Korea they are in the perfect spot to go global.

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