Takeaways
- The global blockchain market is growing rapidly, and may hit USD 40 billion by 2025.
- Blockchain is coming into everyday use in Korea, too.
- One major use case coming up is the DID-based vaccination passport being developed by ICONLOOP and others.
- Korea’s DID technology is world class, presenting global opportunities (especially, I’d presume, for a company like ICONLOOP).
- The Korean government’s negative perception of cryptocurrency isn’t helping blockchain technology develop and spread. However, recent legislative action, statements by leading political figures and even opinion polls suggest we could see improvements in official attitudes before too long.
Korean technology news website E Daily looks at the growing blockchain market, both locally and globally.
This year, Samsung SDS did away with paper employment contracts in favor of digital ones signed with blockchain-based signatures. According to the company, the move simplifies the signature process and improves trust in the documentation.
E Daily notes that blockchain — once a “technology of the future” — is gradually becoming a part of our daily lives, though it also notes that the cryptocurrency issue is slowing down the technology’s expansion.
Several Korean corporations are pushing major blockchain projects, including:
- LG CNS, RaonSecure: mobile drivers licenses
- SK Telecom, RaonSecure, ICONLOOP, Coinplug: DID-based vaccination certificates
- Samsung SDS, Dream Security: DID-based pension entitlement certificates
- Ground X: NFT-powered art market
To remind readers about that second one, ICONLOOP is apparently working with RaonSecure, SK Telecom and Coinplug on a Korea Internet & Security Agency (KISA) trial program to develop an app with forgery-proof vaccination certificates by the end of the year.
E Daily has been talking about it for a long time. But good luck getting ICONLOOP on record saying anything about it.
Global opportunities for Korean DID
Global market research firm MarketsandMarkets says the global blockchain market will grow 67.3% a year on average to reach nearly USD 40 billion in 2025.
In Korea, there are calls to make blockchain a major engine of growth. In particular, Korea’s DID technology is world class, and there are opportunities for Korean companies to take a global lead, including in discussions over international ID standards.
The problem, however, is that controversy over cryptocurrency might be slowing down the development and adoption of blockchain. E Daily notes that Amazon is hiring blockchain and cryptocurrency experts, but in Korea, the technology still must contend with negative perceptions.
Several experts told E Daily that as long as negativity towards cryptocurrencies exists, they will hold blockchain technology back.
