Seoul, Culture of Innovation

The PumaPay roadshow lands in the blockchain hotspot of Seoul, South Korea which is known for its implementation of emerging technology and they have continued this tradition with their focus on blockchain. 

Innovation in their DNA

South Korea has a long-standing history with innovating and developing emerging technologies. South Korean president, Moon Jae-In, spoke about the importance of innovation as a nation.

“While regulatory innovation in the era of industrialization was a matter of choice, it is now a question of survival as we are experiencing the fourth industrial revolution, characterized by fusions across industries and fields.”

Seoul has led the call with plans to release a native city-wide crypto as part of theirblockchain smart city” development plan. Citizens of Seoul will receive the so calledS-coins” when fulfilling public services such as paying taxes or participating in public surveys. The objective of the S-coin is to encourage citizens to participate in government activities and collect citizen information.

Proactive Government

One of the most significant reasons that South Korea has been such a catalyst of innovation, is the proactiveness of its government to develop and implement innovative technologies. The country sits at the top of R&D expenditure as a percentage of GDP and in 2018 the government allocated $880 millionto be specifically focused on blockchain development. A large part of those funds was focused on blockchain education for young Koreans. The Ministry of Strategy and Finance set structures and more rigorous education plans about blockchain and its applications. 

Seoul has also launched a $108 million blockchain industry plan to be implemented between 2019-2023. The aim is to help nurture early-stage businesses in the blockchain field, whilst constructing a blockchain complex that will house around 200 blockchain companies. The Ministry of Science alongside the National Election Commission is developing a blockchain voting system, that is currently being tested in the private sector. The system will apply blockchain for voter authentication and result saving, something that the government hopes will increase transparency and security whilst removing the threat of hacking. 

Korea Blockchain Week

Seoul will also play host to one of the biggest blockchain events in the world at the end of this month during “Korea Blockchain Week.” Throughout the week, global professionals from leading industry companies and startups, financial services giants, academic institutions and policy groups will discuss the real and the virtual applications of blockchain technology.

With a nation so ready to innovate and develop blockchain technology, PumaPay couldn’t be more excited to land in the dynamic city of Seoul!


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