Blockchain tech and its sidekick, crypotcurrency have taken over the world with the plethora of opportunities and solutions it has to offer. Countries and industries alike have witnessed an evident shift in their ecosystems as they move towards adopting the technology of the future. One of the countries to have embraced blockchain tech in all its glory is South Korea.
The country is already one of the world’s leaders in the adoption of the blockchain tech, and with startups like Bezant, it is definitely going soar. Before we dive into the story and the technicalities behind Bezant, lets look at the facts that encourage such a healthy environment for innovative blockchain-powered development.
A significant part of this can be credited to the country’s changing regulations. The rather overwhelming sentiments around it all, serves as an indication that crypto will play a key role in the day to day lives of South Koreans, pretty soon. However, there are other factors at play here that are responsible for the successful taking off of cryptocurrency in the country, that too at an unprecedented rate. Lets take a look at them, shall we?
South Korea was one of the countries, plagued with the lingering problem of economic slowdown and unemployment at a massive scale. Roughly 9.9 per cent of individuals in their 20s and 30s face unemployment. And this staggering number of jobless people is a byproduct of outsourcing and automation.
And because of the cutthroat competitive job market, many people earn barely enough to support their needs. Many people saw the initial cryptocurrency boom of 2017 as a welcomed escape, as they saw these investments as a potential way to quickly improve their financial condition. The acceptance to crypto was more out of necessity than anything.
Furthermore, as the adoption grew, it unknowingly tapped into another underlying trend in South Korea and that is the country’s major appetite for the latest technological advances. In fact South Korea happens to have the world’s fastest average Internet connection and has a smart penetration rate over 71 per cent. This interest in the tech sector, ultimately provide tools that help in making cryptocurrency adoption even easier.
Acceptance at Official Levels
Mere public interest and acceptance isn’t enough to create an investment phenomenon. Part of South Korea’s crypto craze can be linked to the use of exchange platforms such as Bitthumb, Korbit, OKCoin Korea and Upbit. What these exchanges do is, they make the trading of dozens of cryptocurrencies an efficient and easy affair, which gives citizens the power to buy and sell cryptocurrencies with just the click of a button.
Moreover, some of the country’s biggest conglomerates are backing many of the platforms, which lend stability to the exchanges, which is imperative. In addition to conglomerates, the exchanges also focus on building closer ties to the South Korean government and its regulators, which results in a much lower risk of becoming non-compliant. Which is a huge issue in other crypto markets, like the United States.
In order to incept in the daily lives of the people, the exchanges have also formed partnerships with businesses throughout the country that will allow Bitcoin, Ethereum, along with several other cryptocurrencies to be utilized for the purpose of hotel bookings, e-commerce and much more. One of the exchanges, Bithumb is also working on introducing cryptocurrency ATMs and even and food court kiosks that accept crypto payments.
When you take all these factors into account, the country’s increased crypto acceptance, doesn’t come as much of a surprise, because both the government and major business outlets have contributed towards its widespread adoption.
All the discussed factors have birthed a high level of enthusiasm for new blockchain startups, and Bezant is one of those. Bezant is a borderless payment system that is lead by the founder and former CEO of Bithumb, Daesik Kim. The platform positions itself as a BaaS or blockchain as a service. In easier words, it means that Bezant’s ambition is to build its very own high-performance blockchain.
With blockchain capable of stated 1,000 TPS (transaction per second) goal, the platform would be fully capable of supporting high-demand applications such as payment. In order to exhibit this capability, Bezant is also developing a payment platform, the purpose of which is to run seamlessly with the platform’s native blockchain.
Bezant claims that several small businesses as well as individuals are lagging behind and missing out on opportunities to thrive because they restricted from accepting alternative payment methods. Credit cards and bank transfers remain the most commonly used and widely accepted means of payment globally. But theirs is a downside to them, which is they ignore the unbanked population.
The company’s dynamic blockchain-based system will be of significant help to services in increasing the numbers of users and subscribers, such as social networks, game developers and video streaming sites. They will all benefit from an “end-to-end distribution and payment platform” where transaction fees are greatly reduced.
Bezant’s blockchain service platform will be made available to merchants and consumers globally, via the Jehmi Payment Network, a network where hundreds of payment methods are accumulated in one place. The team behind Bezant believes this could be the solution that would transcend limitation that are found in emerging markets and further empower sellers with the tools they require in order to maximize their revenues.
With such visionary startups, South Korea is highly likely to be at the top of the blockchain and crypto world. You can read Bezant’s whitepaper here.