Blockchain apps are an integral part of the sprawling tech landscape in South Korea. The technology behind Bitcoin is no longer the exclusive preserve of the finance world in the country. From gaming to fitness, app developers compete against each other to capture the attention and imagination of the public.
Fierce Competition Among IT Giants
Usually, startup enterprises are the heart of blockchain innovation with established firms seemingly slow to come to the party. However, in South Korea, IT behemoths like Kakao and Naver have jumped on the blockchain bandwagon. In March, Kakao revealed plans to launch a reverse ICO for its legacy cryptocurrency called “Kakao Coin.” The largest messaging app operator wants to develop a decentralized platform under the aegis of its blockchain subsidiary, Ground X.