The authorities in South Korea have reportedly claimed that the blockchain market is going to bring a “golden opportunity” for the nation, and are urging private sector firms to take advantage of the situation. 

Reported on April 17th, Koo Yun-Cheol – South Korean Vice Minister of Strategy and Finance – has shared his remarks during a seminar focusing on blockchain technology, with the participation of numerous professionals in the private sector. 

Koo has reportedly referred to the insights from a number of positive forecasts, displaying the blockchain development in different foreign markets, nominally Europe and the US.

“The size of the blockchain-related industry is expected to grow by more than 80% per year on average, and is competitively supporting foreign countries to preoccupy the market that is attracting attention as a promising technology in the future.”

The vice minister further stated that over the course of the next two to 3 years, the gap between the US, Europe and China, in terms of blockchain technology, would become smaller. 

The meeting also called on the government of South Korea, to establish a more active presence within the sector, in the future, along with the idea that the establishment of an initial market would lead the nation to utilize the opportunities it offered to the best potential. 

“The public pilot project, in which the market demand has been confirmed through the pilot project, has been adopted as the main project. The system also needs to be reorganized.”

Previously, two South Korean ministries had reportedly revealed their financial assistance to the blockchain sector, via a $3.2 million fund for startups in the country.