The South Korean government has stated that the blockchain market represents a “golden opportunity” for the country. They are now calling for private sector companies throughout South Korea to exploit this potential.

According to a report published on April 17 from Fn News, the Vice Minister of Strategy and Finance, Koo Yun-cheol, held a meeting on blockchain technology which brought together a number of private industry experts.

Opportunities in the European and U.S. markets

Koo pointed to positive forecasts regarding the growth of blockchain technology development in foreign markets, such as Europe and the US. He added:

“The size of the blockchain-related industry is expected to grow by more than 80% per year on average, and is competitively supporting foreign countries to preoccupy the market that is attracting attention as a promising technology in the future.”

The vice minister affirmed that the Blockchain technology gap between the United States, Europe, and China could be reduced in the next two or three years.

South Korean Government’s role in strengthening initial market creation

The same meeting urged that the South Korean government should take an active role in the space going forward. They argued that the country could benefit from these opportunities, taking into account the creation of an initial market.

Koo adds:

“The public pilot project, in which the market demand has been confirmed through the pilot project, has been adopted as the main project. The system also needs to be reorganized.”

The national government did not reveal a concrete budget for strengthening the country’s blockchain industry.

Cointelegraph reported on March 17 that two South Korean ministries announced their support for the blockchain industry by allocating up to $3.2 million in funding to local startups.