Last week, the Seoul City mayor announced a $100 million dollar five-year plan to develop the capital into a smart city powered by blockchain (source). Seoul boasts technological advancements ahead of other major cities across industrialized countries in many aspects, and this announcement takes the metropolitan one step further. The potential of blockchain technology has proven beneficial for activities that require transparency and security. The government investment means its adoption across major public services including labour welfare, vehicle registration, donations, and electoral affairs.
While conversations around blockchain and crypto currencies are often mixed together as one in the same, it is important to recognize that currencies are only one application of blockchain. When strict regulations on crypto currency trading were enforced in South Korea last year, many speculated that it would halt the development of the blockchain industry. But the regulatory actions were a reaction to problems within the ecosystem, such as hacking and fraud allegations (source).
Seoul remains a major destination for the blockchain community to gather. It hosts some of the largest blockchain related events in the world including Fact Block, Beyond Blocks, and #Hashed, drawing thousands of attendees from around the world (source). Do a quick search for blockchain in Seoul, and you’ll find dozens of Meetups for community members to gather to discuss the potential development and application of blockchain technology to disrupt various industries.
Here are 10 industries blockchain is likely to disrupt:
- Real estate
- Rentals & ride sharing
- Charities & aid organizations
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Early bird registration for Seoul Startup Weekend: Blockchain edition on November 30 – Dec 2, 2018 is now open: https://www.eventbrite.com/myevent?eid=50897536903ttps://goo.gl/forms/0iW5PXLJXZQx8lS72