South Korea has embarked on the development of the Blockchain.

The South Korean minister spoke about the government’s intention to cultivate the development of giant blockades as part of a medium-term strategy to accelerate growth following the devastating effects of the Coronavirus pandemic on the country’s small and medium-sized businesses.

„Blockchain technology will become particularly important in the post-coronavirus era. It will enable businesses and start-ups in the blockaded area to develop in the future. We will try to create an ecosystem that will help,“ said Park Yong-Sang, Minister for SMEs and Startups Development.

Speaking at the Blockchain Conference in the South Korean capital, Park said he hopes that the summit „will be a starting point for the creation of giant companies in the Blockchain sector“ and will also help revive the state free regulatory zone for blockchain Anon System projects in the port city of Busan.

In addition, Park discussed the possibility of making policy decisions that would help block technology companies to grow and operate in parallel with other contactless innovations in Industry 4.0.

The SME sector is expected to bear the brunt of the economic consequences following the Coronavirus epidemic, and many export companies are already threatened with collapse due to a sharp drop in orders.

Following the new message, the Zero Rau platform, supported by the government, is set for a major upgrade based on block technology. It will allow sellers, suppliers and buyers to make and receive payments „without commission“.

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