Exploring one of Asia’s most exciting markets — South Korea

Being a part of the blockchain world involves a lot of travel. In my journey, I have had the great fortune to have met some of the brightest people in the blockchain industry across the world. Of all the countries that I have visited over the past year, South Korea is one of the most fascinating markets. From a technology standpoint, the island nation has always been an early adopter of cutting edge tech.

South Korea’s affinity to high tech products can’t be overstated. The global average for internet speeds is 7 Mbps; whereas in South Korea, it’s a whopping 27 Mbps. It is one of the most connected online markets in the world, with over 45 million internet users, Over 90% of South Korea is online. It is the number 1 country with respect to smartphone penetration, with over 74% of the country owning one. In 2016, Samsung began work on building a nation-wide IoT network — forget smart cities, we have a smart country in the works!

With every passing day that I spend here, South Korea’s affinity to adopting cutting edge technology will be one of the biggest factors in the global adoption of blockchain.

Blockchain in Korea is integrated

South Korea’s dominance in the blockchain industry is well known. In a survey late last year, it was reported that over 21% of the country’s population were acquainted with blockchain and its applications. Steve Lim from CoinOne shared stories of grandparents investing half a million dollars in blockchain projects during last year’s bull run.

But what wasn’t apparent from the reports is how integrated blockchain adoption is in South Korea. On one hand, you have the South Korean Government investing billions of dollars into blockchain tech And on the other, Industry giants like Samsung and Hyundai have invested heavily into the technology.

And then there are the startups and the extended blockchain communities. Min Kim, who is also an advisor for Nucleus Vision, and his work with ICON in South Korea has been a guiding light for all of us. Their success has ushered the growth for one of the most thriving blockchain ecosystems in the world. There’s no stopping the South Korean blockchain juggernaut.

As players in the blockchain industry, we crave for such integration across all stakeholders. We are doing this in India through the International Blockchain Congress, but in Korea, I see the future of such an integration.

For me, South Korea is the example that other emerging markets should look up to on creating thriving blockchain ecosystems.

Potential for Retail (and NV) in South Korea

When we started Nucleus Vision, it was with the foresight that technology will disrupt retail. It already is and several forward thinking retail players in India have committed to exploring the magic of blockchain, AI and IoT through Nucleus Vision.

South Korea may just be a glimpse into the future for other emerging markets. Take their retail industry for example — as of 2018, the retail market in South Korea is slated to be somewhere to the tune of half a trillion dollars and has been seeing growth of over 6% CAGR over the last 5 years. About 30 million of the country’s 50 million population purchases digital goods.

These stats, coupled with the country’s affinity to blockchain makes me very excited for the possibilities for Nucleus Vision. During my visit here (which is almost half done) I have met several potential partners and enablers who have shown enormous interest in Nucleus Vision.

While our vision and commitment to India is stronger than ever, the appetite for Nucleus Vision in the South Korean market presents us with a huge opportunity.

To me, this market is truly ready for Indian innovation.

Till then, meomulda!

Disclaimer: This is not an investment advice. Please do your own research before investing in any avenue. The information contained in this post is for informational purposes only. You should take independent advice from a professional or independently research and verify, any information that you find in this post and wish to rely on, for the purpose of making any decision. Through this post you may be able to link to other websites which are not under the control of Nucleus Vision. We have no control on the nature, content and activity on those sites. The inclusion of any links does not imply a recommendation or endorsement of the other website, its products or views.

Abhishek Pitti,

Founder & CEO — Nucleus Vision.