Third Generation Blockchain Projects are Becoming Hot in South Korea

Companies in South Korea are adopting third generation blockchain technology at a rapid pace to increase the efficiency and reduce cost. Third generation blockchain platform are looking forward to building what Ethereum and Bitcoin could not. The third generation of blockchain technology tackles the problem of network congestion and scalability.

Blockchain 1.0 (Blockchain first generation) as the underlying technology for cryptocurrencies such as Bitcoin and Litecoin. First-time Blockchain 1.0 was used in 2009 when Bitcoin was issued. After six years, in 2015 Ethereum was launched and that time the second generation of blockchain technology, Blockchain 2.0 was used. The second generation of blockchain was an improved version of Blockchain1.0. In the second generation of blockchain improved blockchain architecture was developed. The new generation promised a faster and lighter proof of stake protocol for validating transactions. Though the newly developed and innovative technology promised to be sustainable, scalable, interoperable, cost-effective, secure, and governed transparently and publicly but so far not all these promises have been kept. The first cryptocurrency, Bitcoin was promoted as a valid payment system, but it is energy intensive and slow. Ethereum which is based on the send generation of blockchain technology offered first smart contracts and concept of streamlined proof of stake protocol for validating transactions have its own set of problems which has open doors to further improved implementation of blockchain technology. The adoption of blockchain technology in enterprises increased during this phase and industries used versatile applications of smart contracts.

The third generation of Blockchain technology is thought to be a catalyst for mainstream adoption. Blockchain 3.0 will address the issues of its predecessors with higher scalability, governance, interoperability, and many more.

In South Korea, several companies are adopting the latest generation of blockchain technology. Some blockchain companies are now well positioned in South Korea. One of the largest cryptocurrency exchanges of South Korea is preparing a new blockchain platform through its subsidiary.

Leading games developer of South Korea, Neowiz Co has adopted EOS and now using the platform to develop video games. EOS is one of the most innovative blockchain projects which have become popular in the gaming sector. Top blockchain start-ups of South Korea, ICON (ICX) has released 3.0 versions on its mainnet and now looking for the developers who want to use it.

More and more South Korean firms are revealing their forays into blockchain technology to either solve the problems of their previous projects or to implement the latest blockchain technology to increase the efficiency of their organisations. South Korean government is also encouraging blockchain enterprises by providing them with a high level of support. The government is also looking for formalising regulations and legislation for the blockchain and crypto industry.