When you think of powerful and progressive countries, South Korea is probably not on your radar. Especially if your a “westerner”. The US, China, Russia and Europe seem to dominant the media space globally.
Lets look at Seoul in particular, South Korea's capital. Declared as a “Megacity”due to its population exceeding 10 million residents. In which 38 are billionaires, Lee Kun-hee the chairman of Samsung is estimated to be worth $16.9 billion. Seoul is ranked 4th most wealthiest cities on the planet, beating the likes of London, Paris and Moscow.
According to reports dated 3rd April 2019, South Korea became the first country to provide fifth generation services (5G) commercially. The fact that China and the US were competing against one another to be the first in which they believed was a two horse race, makes a bold statement on how far South Korea has developed in recent years. Taking into consideration, the devastating impact of World War 2 and the ongoing fight of the Korean war has caused.
They have Changdeokgung Palace Complex and 11 other UNESCO world heritage sites. From Hyundai Motors becoming the 3rd largest manufacturer in the world, to hosting the FIFA World cup 2002 with Japan. The ginseng root, k-pop, Samsung and video gamers becoming superstars. Where 80% of all payments are made electronically and over 56% of the population have no ties to any religion.
I should of disclosed a “random facts alert” at the beginning. There is so much more to South Korea than I have mentioned. Like the minimum wage is supposedly the equivalent of $1200 a month or 17% of the population suffer with insomnia for example. How extraordinary and fascinating there country is, there culture seems in penetrable. No room for diversity as such. This is what we are and this is how we do things.
I am however, very optimistic for the future of areas such as Seoul and Busan. Especially if they implement Blockchain technology into their daily lives. The strength of the Korean won currency is weak and will more than likely remain that way. Making bitcoin or their own digital asset, would highly benefit them as a country. Considering like I have previously mentioned, 80% of all payments are done electronically in South Korea.
There have been issues with the Samsung 10's cryptocurrency wallet feature, but watch this space when Samsung 11 is released. Thriving economy, strong work ethics, 5G up and running, backed by Samsung. All the key ingredients to lead the way in this "Crypto" revolution.
Innovation is nigh.