Could This Blockchain In Korea Be The First To Connect An Entire Country?

helloicon (25)in #forbes • 7 years ago

While hundreds of blockchain projects are cropping up around the world, the technology’s true potential to seamlessly share information is still largely untapped. In South Korea, one company is vying to be the first to connect the country through a massive-scale blockchain, and it’s already gaining momentum.

Dayli Financial Group, a house of Korean fintech startups, is working on creating an ecosystem called ICON that will allow government departments, universities, hospitals, securities, banks and any private company to interact without third-party networks that charge transaction fees or delay the process. The applications could range from trading not only digital currencies but also stocks, games, security information and even hospital databases. Eliminating the middleman using a blockchain network developed by Dayli’s startup theloop, the makers are framing it as a decentralized public good that is not controlled by a single entity and operates for the benefit of society.

With heavily invested internet infrastructure, a strong push for smart cities, a rapidly increasing acceptance of cryptocurrency and a strong economy, Korea has perfect conditions for blockchain, says Min Kim, chief strategy officer at Dayli, formerly named Yello Financial Group.

“Any mom-and-pop shop can potentially take advantage of something like this,” says Kim. “If we connect every single company in Korea or even half of Korea on our network, that’s a massive success story.” Kim hopes that strengthening the blockchain network in Korea will build momentum to springboard into foreign markets.