Promotion of Blockchain: Minister of Science and ICT Seeks Ways for Expansion of Blockchain | BusinessKorea

Monday, November 20, 2017

Yoo Young-min, minister of science and ICT of Korea, said there is a need to look at the advantages and disadvantages of the Blockchain technology to find useful applications.
Yoo Young-min, minister of science and ICT of Korea, said there is a need to look at the advantages and disadvantages of the Blockchain technology to find useful applications.
SEOUL,KOREA
18 August 2017 - 12:30pm
Cho Jin-young

Yoo Young-min, minister of science and ICT, began to seek ways to expand the Blockchain with experts from industry, academia and research institutes. This is because if the public and private sectors cooperate in the Blockchain sector, which is spreading beyond the financial sector to the manufacturing, distribution, public service and mobile health care sectors, they will be able to secure the initiative in the big data-based digital industry.

The Blockchain called "trust-based technology," is regarded as a technology that makes hackers give up hacking attempts as it consumes tremendous computing power, manpower and capital to hack hundreds of thousands of blocks containing information.

"The Blockchain is not a completed technology but a developing technology, so we need to enhance our technology early," Yoo said. "There is a need to look at the advantages and disadvantages of the technology to find useful applications."

"The government should always be interested in introducing new technologies such as the blockchain," Yoo added. "We will make efforts to become a ministry that best understands technology through seminars on new technologies."

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