Korea’s Blockchain Technology is 2.4 Years Behind

According to Yonhap News, The Institute for Information and Communications Technology Promotion (IITP)—a Korean governmental institution that manages ICT research and development—surveyed 124 experts to evaluate Korea’s competitiveness in blockchain and quantum communication technologies last year.

IITP announced on Tuesday that the results indicate two factors. First, Korea’s blockchain technology level is only 76.4% that of the U.S. Second, that Korea is approximately 2.4 years behind the U.S. By comparison, Europe, Japan, and China were rated 96%, 84.8%, and 78.9%, respectively.

The experts polled suspect that the blockchain technology gaps from the major countries are due to stricter regulations and a lack of support in the industry.

IITP opened up a formal discussion on Tuesday stating that, “It is time for [Korea] to increase its competitive edge through ICT technology,” and requested increased government investments for ICT industry’s R&D.

Edited by: Brian Newar