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While an old Korean proverb warns that ‘If you don’t walk today, you must run tomorrow,’ the motto for modern South Korea’s approach to novelty is hereby summed up thusly – ‘Walk briskly today, so you’re set to outrun the rest tomorrow.’ As an early adopter, and eventually a global trendsetter, South Korea has immense potential in the blockchain space.
When a series of headlines from September 2017 to March 2018 discussed on the subject of the new Korean bans on initial coin offerings, one might have assumed this was a tough sell.
On the other hand, for those more knowledgeable and accustomed to the long saga of blockchain’s arrival to Asia’s fourth-largest economy, expectations are otherwise.
If you’re well aware of South Korea’s history as a government, its populace of tech pioneers, and the huge blockchain investments already in motion, you can expect that these obstacles to widespread adoption will soon be just water under the bridge.
A Culture of Innovation
Five years before Facebook happened, South Korea had Cyworld, which developed into a well-known social network. It had the capability to eventually capture the demand of almost every single one of South Korea’s young users. The data point is just one of innumerable tributes to the country’s keen interest and aptitude for cutting-edge technology, both as a tool and an investment.
One major reason to anticipate South Korea’s yearning for blockchain is its culture of adoption and innovation, and its ability to achieve rapid economic growth.
Since the mid-20th century, South Korea’s exceptionally well-educated population reverse engineered foreign tech imports to learn and understand their design. But rather than simply imitating these products, South Koreans are tackling to innovate them. In 2015,