Here’s why South Koreans are now into Unicorns

A South Korean minister has talked about the government’s plan of encouraging “blockchain unicorns” as part of its medium-term strategy to promote growth and moderate the disastrous effects of the coronavirus pandemic to take on the nation’s small and medium-sized business sector.

According to media outlet E Daily, Park Young-sun, the Minister of Small and Medium Enterprises and Startups, said,

“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 wished 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 addressed the likelihood of making policy rulings that would help blockchain technology firms expand and work in parallel with other contact-free, industry 4.0 innovations.

The SME sector is presumed to bear the brunt of the post-coronavirus economic fallout in the country – with many export-based companies face inherent ruin as orders plummet.

Park’s remarks came quickly after the minister’s current recommendation for blockchain-powered payment platforms.

The government-championed Zero Pay platform is set for a significant blockchain technology-powered upgrade that she claimed would allow merchants, vendors, and buyers to make and receive “commission-free” payments.

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