The scope of application is wide, extending from manufacturing and distribution to healthcare and medical services.
PoC will lead to a project after the consulting phase passes.

It is predicted that blockchain will spread across all sectors of society without limitations, including the financial, manufacturing/distribution, private, and public sectors.

Joo Yong-wan, Head of the Korea Internet & Security Agency, participated in the 'Korea Blockchain Society Academic Conference and Workshop' held on the 24th and stated, "Blockchain application services are becoming active in non-financial fields, moving from cryptocurrencies to smart contracts."

He predicted, “While blockchain is defined in different ways, rather than that, four technologies are important: a distributed database, a P2P network protocol, a digital algorithm that agrees on the value of specific property or data, and a security technology that enables trust using cryptographic hash functions and private/public keys.”

He emphasized, “High-quality data, computing power to analyze data, and algorithms to provide services are fundamental to digital transformation,” adding, “When blockchain is added to this, data can be trusted and transparency achieved.”

While the scale may vary depending on how blockchain is defined, it is rapidly growing with six core areas: Assets, Trust, Ownership, Money, Identity, and Contracts. The domestic market size is estimated to be at least approximately 6.5 billion KRW as of last year. It is projected to expand to about 900 billion KRW by 2025. The global market size is projected to reach approximately $19.9 billion in 2025.

The health and medical sector is an example of where blockchain can be used in non-financial fields. Lee Young-sung, President of the Korea Institute of Health and Medical Research, stated, “By utilizing medical big data and connectivity, blockchain technology can be applied to medical services,” adding, “The boundary between medical care and well-being is blurred. I think we could pilot lifestyle-oriented well-being technologies, such as delivering diabetic or low-salt meals.”

He added, “I think the integration of blockchain technology will provide an opportunity for doctors to view daily life and medical care as part of the realm of well-being,” and “I hope it will play a role in alleviating the vague anxiety the public has regarding medical data or personal information on the internet.”

For blockchain to be utilized across various fields, a large number of business use cases must emerge. Furthermore, it is necessary to consider scalability and adjust entry barriers through improvements to the regulatory framework. Consensus on core standards and active collaboration among participants are also crucial. Accordingly, the Korea Internet & Security Agency (KISA) is expanding joint industry-academia-research collaboration linked to open forums to identify business cases and is supporting the establishment of new startups in conjunction with the K-Global Program. To remove obstacles to development, a Framework Act on Blockchain is currently being enacted. Reliability evaluation certification standards, testing methodologies, and joint reliability guidelines are also under development.

Efforts to apply blockchain to business models continue, but no successful cases have emerged yet. Regarding the reasons for this, Oh Se-hyun, Chairman of the Korea Blockchain Open Forum, stated, “Many groups are interested in services using blockchain. They simply harbor a fear of being the first,” adding, “It is not a technical issue, but a matter of target audience and conviction.” "We are waiting for it to become visible," he explained.

He predicted, “If this year was a year of interest in blockchain and conducting PoCs, the next step will be consulting on how to apply it,” adding that “this will lead to the adoption of consulting and projects in the future.”