Marketing manager of Red Pulse, Korean based in Shanghai, Blockchain and Crypto Research analyst
In the spring of 2019, the whole blockchain and crypto industry is emerging again.
Various Projects, Financial Institutions, corporates, and governments have started to stretch themselves to hop on to the next level in 2019 and broke the ice of long term bear market behind.
Especially, governments, such as Korea and China, who were very skeptical and had a conservative attitude towards blockchain and crypto industries, are likewise pushing back “blockchain card”.
Firstly, The one who has been getting magnificent attention from the world, China.
On March 15, the largest political festival of China was held in the capital city of China, Beijing, where there have been in-depth conversations on the most innovative technology, blockchain and A total of 34 agendas related to blockchain has been submitted during the Lianghui, the number of agendas increased by about 62% trumping the previous Lianghui period when all of the cryptocurrencies’ price has been pumped up.
Last year on April, Xi Jinping officially announced that Chinese Hawaii, Hainan will be next biggest free trade zone (free trade zone + free trade port) of China, And this new government project will be actively supported by the central government and will be a crucial step for the development of China that meets the characteristics of China.
Hainan Free Trade Zone will mainly be built upon blockchain, IoT, and big data so that local government has encouraged many blockchain enterprises, Huobi, Baidu, and Ant Financial etc to open their offices and branches in Hainan. Now, they are getting solid and promising from local and central governments and expanding at a rapid pace.
Second, A country that can not be missed when discussing the blockchain and the crypto in the world, Korea.
On March 15, Korea, Seoul City Mayor Park Won-soon announced that Seoul City will make its way to the forefront of ‘Smart City’ based on Big Data, ICT technology, and blockchain.
Seoul city has been providing some various services such as “Owl buses” which have been running for 24/7 for the citizens’ safety and public wi-fi so far. Now the city government is trying to integrate new innovative engines such as the IoT and blockchain to provide new other services like DID(Digital Identity) and etc.
This great example of this city scheme is the digital parking system. More than 50,000 ‘IoT (Sensor Internet) Sensors’ are installed in Seoul city, and IoT sensors detect the presence of parking vehicles in real time so that citizens can check parking spaces with smartphone apps.
One of the leading banks in Korea, KB Financial Group, has recently begun a blockchain seminar to show its interest again.
Another major bank who has participated in this seminar, KEB Hana Bank has also applied for a total of 47 blockchain technology patents that have been reviewed internally and is in the process of commercialization.
They will introduce the variety of real blockchain use cases of KEB Hana Bank continuously with participating in a consortium to identify the latest technology trends in real time and discover new business opportunities with global financial companies.
As Everone knows, Korea is also called “The Samsung Republic”. Samsung is a major factor that influences the whole industry of Korea. Then, How about Samsung now?
The Smartphone ownership of Korea is massive, 89% of Koreans are using a smartphone.
In Korea, Samsung ‘s smartphone market share is over 50%, if Samsung users use the Crypto Wallet app in its product like CoinDock, its influence and impact on the crypto and blockchain field will be significant.
The next and last runner is going to be the United States, which also leads the global society in every way.
On March 26, according to CoinTelegraph, a market research data platform ‘Research and Market’ recently announced the ‘US BlockChain Business Opportunities and Forecasts Data Book Series (2016–2025)’, which analyzes and predicts the current state of blockchain pf USA.
This is a data-driven analytical report consisting of 185 charts and 150 tables, providing a detailed understanding of market dynamics. This report covers country-level market size/spending forecast (2016–2025) by blockchain applications, type of blockchain, and technology domain. This report insists that more than 75 areas across 11 industries in the USA such as banking, finance, insurance, medical and pharmaceutical, retail, automotive, aerospace, building, public sector, professional services are integrating blockchain technology aggressively and the capital which flows to the field has increased 110 percent than last year to reach USD 1,651.2 million.
The most well-known luxury brand, Louis Vuitton, which set the United States as a key market, also started to work on the blockchain.
According to CoinDesk on March 26, LVMH Group has announced that they will introduce a blockchain-based tracking system in its supply chain. Code-named AURA, the cryptographic provenance platform is expected to go live in May or June with Louis Vuitton and another LVMH brand, Parfums Christian Dior.
This way, they can easily prevent their imitation products are floating around the world.
The well known KOLs in blockchain and crypto industry mentioned that a long term bear market is passing by, and we have endured it well.
What remains to be done is to break down the boundaries of many institutions, governments, and regulators, then not only the individuals but the corporates all around the world will achieve “Mass Adoption”, which we have been hoping for.