South Korea is proposing enterprises to improve their services by investing in blockchain technology. The South Korea Financial Services Commission (FSC), is encouraging companies in the country to use blockchain technology to protect the information of their users.
South Korea Promotes Blockchain Technology
According to Korea Joongang Daily, the FSC is planning to introduce new regulations in order to protect customer data with blockchain solutions. At the same time, FSC Chairman Choi Jong-ku told reporters that they are trying to propose a blockchain-friendly approach that could boost the local jobs market.
Mr Choi Jong-ku commented:
“The players in the financial service market are becoming more diverse, with new companies entering, and the competition in the financial market is becoming fiercer. Fintech is an area that requires new technologies, and it will solve the youth job problem by increasing job positions for young people.”
At the same time, the government is also planning to approve a more accessible payment system that will be called “app-to-app.” It will allow users to purchase from sellers via apps. That would reduce the fees on credit card companies or card network providers.
Korea Telecom Improves its Security Using Blockchain Technology
One of the most important mobile carriers in the Asian country, Korea Telecom (KT), said on Tuesday that it is planning to use blockchain technology in order to provide security to their new telecommunications system.
The company explained that people and business will be able to earn rewards using their own data, instead of other companies like Google. The head of the company’s blockchain centre commented to The Korean Herald:
“By using blockchain technologies, data will be secured from hackers as transmitted through the unforgeable blockchain network and users will be transmitting their own data with one another based on trust with no need to rely on third-party OTT businesses.”
In this way, South Korea is promoting a technology that is being embraced by the most important companies all over the world. The productivity and success of a country depends in the amount of money invested in research and development as well.