South Korea To Build ‘Crypto Beach’ Similar To Switzerland’s Crypto Valley

South Korea To Build ‘Crypto Beach’ Similar To Switzerland’s Crypto Valley

A financial association in South Korea plans to build ‘Crypto Beach’ in Busan. This is aimed at exploring and keeping the blockchain technology prospects in the nation. Walmart, a US retail company, has won the patent to develop an electric grid which will be powered by cryptocurrencies.

The main aim of the scheme is to assist firms to better manage the consumption of energy as well as standardize an electrical grid by making use of transaction ledgers which are distributed publicly. The US based company filed for the patent in late 2017.

Using A Blockchain Based Network

According to the filed patent, both homes and corporate firms are permitted to use a blockchain-based network of devices that consume energy. Consequently, each devise can be assigned a particular amount of BTC or any other cryptocurrency which has been agreed upon. These can then be used to buy power from a utility vendor.

The Korean ICT Financial Convergence Association President Oh Jung-geun recently announced that the organization intended to develop a space comparable to the ‘Crypto Valley’ which is found in the Swiss canton of Zug.

According to Jung-geun, companies in South Korea have to launch their initial coin offerings (ICOs) overseas simply due to the current ban by the South Korean government. He expressed concern about the poor understanding of the nascent technology as well as its benefits by local authorities who have put in place stringent regulations.

It is worth noting that September 2017 saw South Korean authorities announcing bans on ICOs. This was apparently done in order to stringently monitor and regulate the industry. The South Korean government had noticed the risks associated with banning the practice. As a result, law makers in the country are working on legislation aimed at lifting the existing bans on ICOs.

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