"Block Chain", competitiveness of global companies

Block chain, which has been gaining attention with the advent of the Fourth Industrial Revolution that most people are aware of, is now becoming a core technology of the global financial market and emerging as a new paradigm that is applicable to many corporate business areas. Block chain is a technology where the participants related to a transaction record and manage transaction information together by distributing a series of transaction information to individual networks. It improves efficiency and reliability of transactions, and brings forth positive effects such as cost reduction.

In recent years, with the proliferation of the need to make use of the advantages of such block chain, governments, financial institutions, and global corporations around the world are actively involved in developing and utilizing related technologies. Large global IT companies such as Microsoft and IBM are building business platforms and R&D institutes as well as developing technology. Samsung, SK etc. also announced the plans to expand business applications using block chain technology in manufacturing and logistics.

Let's briefly look at the sectors where companies use block-chain technology!

1. Source Technology
   Large-scale banks and financial institutions around the world are currently developing source technology related to remittance in order to simplify transactions and improve efficiency of complex interbank transactions using finance related source technology, which is usable in the financial world. They, thereby, are developing a commercially viable business platform by applying block chains to financial transaction and management systems such as self-certification.

2. Building Standard Biz Platform
   Large global IT companies and related venture companies are developing standard business platforms suitable for each industry. They will not only provide modification and related services for various business areas, but also strive for R & D on various technologies through block chain research institutes.

3. Linking to Existing Business and Creating New Business (Biz Utilization)
   Domestic and overseas advanced global corporations and government agencies are focusing on exploring new business areas, which applied block chain technology in improving efficiency of transaction and management by utilizing existing business domain.

Korea Internet Promotion Agency (KISA) will focus on the development of the block chain technology and the environment for industrial revitalization as the introduction stage until 2018. It plans to lay the foundations for industrial growth through supplying block chain technology from 2019. As for the public sector, KISA is focusing on developing government level infrastructure platforms, conducting pilot projects, and identifying success stories.

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