South Korean Government Has Plans to Nurture Blockchain Unicorns

A South Korean minister has talked about the government’s intention of fostering “blockchain unicorns” as part of its medium-term strategy to boost growth and mitigate the devastating effects the coronavirus pandemic is set to take on the nation’s small and medium-sized business sector.

Per media outlet E Daily, Park Young-sun, the Minister of Small and Medium Enterprises and Startups, stated,

“Blockchain technology will become more important in the post-coronavirus era. Blockchain ventures and startups will be able to grow in the future. We will try to form an ecosystem that helps this to happen.”

Park was speaking at a blockchain conference in the South Korean capital, Seoul, and stated that she hoped the summit would “be the starting point for the creation of blockchain unicorn companies,” as well as help revitalize the government-run Blockchain Free Regulatory Zone, in operation in the port city of Busan.

Park also discussed the possibility of making policy rulings that would help blockchain technology firms grow and work in parallel with other contact-free, industry 4.0 innovations.

The SME sector is expected to bear the brunt of the post-coronavirus economic fallout in the country – with many export-based companies already facing potential ruin as orders plummet.

Park’s comments came shortly after the minister’s recent praise for blockchain-powered payment platforms. The government-championed Zero Pay platform is set for a major blockchain technology-powered upgrade that she claimed would allow merchants, vendors and buyers to make and receive “commission-free” payments.
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