Korea well placed to be ideal testbed for blockchain-powered apps

Armed with high-tech social infrastructure and a digital-savvy public familiar with blockchain and cryptocurrencies, South Korea is cut out to become the world’s first country to demonstrate a real decentralized economy at work, experts at the Beyond Blocks Seoul Summit said Tuesday.

Korea has potential to become the ideal “test bed” for new decentralized apps running on blockchain and cryptocurrencies, said Simon Sejoon Kim, CEO of Korea-based cryptocurrency fund Hashed, during a keynote speech.

“Korea is the most attractive test bed for decentralized projects,” Kim said. “Here, companies with blockchain protocols can discover decentralized apps with ‘real-world usage’ to introduce on their platforms, while decentralized apps can promote its services to local users who have already learned the value of digital assets. Investors, on the other hand, can find many good decentralized projects.”

The Beyond Blocks Summit Seoul conference kicks off at the Shilla Seoul on Tuesday. (Beyond Blocks)

The key to the success of any blockchain-powered project is the comprehensive value of its network, which hinges on the degree of technological connectivity and the number of users who are actually joined in the network.

And Korea is well-prepared to meet these requirements, Kim said, citing Korea’s strong track record of being a first mover in developing and adopting new digital trends on a large scale. It means Koreans will probably be the first to pick up and popularize decentralized apps in the future.

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