South Korean Telecom Giant Invests in Blockchain
Blockchain technology has numerous benefits. One of them is that blockchain helps circumvent traditional financial institutions by enabling the delivery of financial services through the internet and mobile phones. Southeast Asia may stand to gain the most from blockchain's potential for development compared to any other area. It has a high internet penetration rate of 58 percent as a region. And South Korea stands out amongst the countries in the region.
South Korea is known for having one of the fastest internet networks around the world. Paired with the high availability of high-speed internet, it is no surprise that 93 percent of the people in the country use the internet and 91 percent of the population has access to mobile connectivity. That's why, as one of the largest mobile operators in South Korea, SK Telecom introducing a user-friendly crypto wallet will have positive implications for blockchain adoption there. As of December 2021, nearly 30 million people in South Korea have mobile subscriptions through SK Telecom roughly 58% of the country's total population.
With the increase in the adoption of blockchain technology by the private sector, the government in Seoul will undoubtedly further recognize the benefits of the technology, beyond financial digital inclusion and private ID verification. At a national level, blockchain can help safeguard data, improve operations, and prevent fraud, waste, and abuse in government services while also increasing trust and accountability. It could even be used for voting; incorporating blockchain technology into the voting process could potentially eliminate election fraud and even boost voter turnout.