South Korea on Cutting Edge of Blockchain
South Korea is on the cutting edge of blockchain technology. For instance, the nation’s leading financial technology company, Dayli Financial Group, is developing a platform called ICON, designed to enable government departments, hospitals, securities, universities and more interact without third-party networks via blockchain technology. Other blockchain networks in South Korea include Coinplug, Blocko, Double Chain and IBM’s Hyperledger.
South Korea was among the first nations to adopt regulation of blockchain regulation, and late 2016 the country announced plans to introduce a digital currency in the country. Yim Jong-yong, chairman of South Korea’s Financial Services Commission (FSC), said that his department would “Lay the systemic groundwork for the spread of digital currency.” The country of 51.25 million, moreover, is predisposed to blockchain technology due to its high digital penetration, with 100% of households now having access to the internet.
Blockchain startup Everex is a leading provider of financial technology. The company’s newest suite of products has been specifically tailored for forward-thinking nations states, like South Korea.
In the past, the company has proven its ability to bring blockchain-based products to production. Industry professionals already use the startup’s token explorer, Ethplorer; Chainy, a link verification technology; and the ERC20 Standard token wallet, Everex Wallet. Worldwide, thousands of blockchain executives and professionals depend on the company’s technology for their own security, as well as to keep abreast of the space’s most innovative aspects.
The company tested its groundbreaking Cryptocash technology — which places fiat currencies on a blockchain — in Thailand, where 100 migrant workers remitted money home to their families. On average, it took under one minute for the money to be sent as more than 850,000 Thai baht were transferred with the Everex Wallet.
“We are creating products for those forward-thinking financial institutions and state actors, who see in blockchain the potential to place physical cash in a digital setting with blockchain, thereby enabling previously financially underserved entities to participate in the global financial system,” Everex CEO Alexi Lane said. “There are various benefits to this, not only for those previously underserved, but also for banks and governments.”
The Everex Credit and Capital Transfer System has been designed from the ground up by Everex. The foundation for the platform, the Ethereum blockchain, allows Everex Members to enjoy a transparent financial system, where a public credit mechanism, made possible by the native ‘EVX’ token, encourages ethical practices and accurate risk gauging.
“Our proprietary technology and business model creates the very first cryptocurrency-based stablecoin,” explains Lane. “This means that, unlike Bitcoin and Ethereum which have been criticized by economic analysts for their inherent price volatility, our blockchain-based fiat currencies maintain a 1:1 ratio with their currency pair, be that USD, Thai Baht and so forth.”
According to Lane, South Korea has been a market Everex has long studied, due to its high digital penetration and mobile population.
“We feel South Koreans are a people who are primed to adopt a safe and efficient cash-transfer mechanism, such as Everex is providing,” says Lane, whose company first began by investigating methods of placing gold on a blockchain. “They travel, they earn and they have collectively an acute understanding of technology and its role not only in the future of South Korea, but in the world. That’s why we’ve seen its government developing regulations for digital currency, and investigating the technology on its own. It’s exactly the sort of socio-technological and socio-economic environment we’ve designed our products to abet.”