THELOGICALINDIAN - n-a
As Changpeng Zhao of Binance said: 2024 was the year of “correction”.
It has also, in some ways, been the year for analysis and advertent artistic means to abound the industry, as able-bodied as a year to activate and innovate the trading of agenda assets – as was apparent with the actualization of the security badge alms (STO).
While the access of tokenization began in the U.S., it is actuality accustomed added broadly in South Korea as well. The South Korean government is optimistic about STOs, and abounding experts accept that the tokenizing of real-life assets is not alone a advance in tech.
South Korea looks to the U.S. as the archetypal for authoritative policy: behindhand of whether it continues to follow, or decides to lead, actuality is a account of predictions and trends that the U.S. and South Korea may apprehend in 2024:
U.S. – Proliferation of institutional crypto adoption
The access of a cryptocurrency exchange-traded armamentarium (ETF) will accompany added institutional accord to the industry in 2024. This will absolutely transform the way the crypto trading industry is viewed. If we attending at acceptable markets, the all-around index-tracking-fund industry now manages about $10tn, according to the Investment Company Institute — authoritative it about alert as big as the barrier armamentarium and clandestine disinterestedness industries combined.
In addition, arresting companies such as Fidelity, Bitmain, Nasdaq, and Pantera Capital accept invested in ErisX, an barter that aims to assemble cryptocurrency money with absolute banking assets, and ErisX is planning to absolution its articles in the additional division of 2024.
U.S. and S. Korea – The appliance of IoT
When Internet-of-Things (IoT) technology is activated to the blockchain, agenda accessories in our circadian lives such as refrigerators, aperture locks, and speakers become nodes, accession data, and autumn it on a axial server.
Blockchain not alone reduces the amount of architecture a axial server, but it additionally addresses Big Brother and aegis issues through decentralization and transparency. The International Data Corporation (IDC) reports that abounding IoT companies are because the accomplishing of blockchain technology in their solutions. Therefore, IDC expects that about 20% of IoT deployments will accredit blockchain casework by 2019.
U.S. and S. Korea – Educating adolescence on blockchain
New York University, Georgetown and Stanford are amid the institutions that action blockchain technology courses to get acceptance cerebration about its abeyant uses and to bigger adapt them for the workforce.
Prestigious universities, including MIT, Cornell, and Columbia, are ablution labs and analysis centers to analyze the technology and its action implications; agriculture the development of accurate curricula on the topic.
Similarly, in South Korea the Ministry of Strategy and Finance has accumbent with the Ministry of Science and Technology’s advertisement that it will actively accompany apprenticeship in blockchain areas for adolescent people.
It is additionally appear that Jeju Island has proposed to acquiesce the axial government to advance the activities of start-up companies and companies for blockchain and cryptocurrency admitting the axial government’s ICO ban.
U.S. and S. Korea – Two-Track Policy and the acceleration of DLT
A action that aims to abstracted blockchain technologies from cryptocurrency and ICO, aural South Korea, China and India.
If blockchain was a abstraction that covered the ‘Token Economy’ layer, DLT is a aloof appellation that focuses on the technology. There is a aberration in the technology class as able-bodied as the nuances of the term. DLT is a ‘digital principal’ technology that always updates the account of all affairs by participants aural the broadcast P2P network, while the administration and accuracy of the abstracts are agnate to the characteristics of the blockchain.
A noteworthy DLT activity is Corda from R3 – a financial-specific DLT, which has the advantage of abbreviation transaction costs and dispatch up the action of appointment abstracts amid accordant parties, and again commutual the analysis action to ability an agreement. Among the world’s banking institutions accommodating in Corda, calm banks accommodate Kookmin, Woori, Shinhan, Hana and Nonghyup are included.
S. Korea – Government advance in blockchain
For 2024, the Korean government has set abreast 5 abundance won (KRW) for its ‘growth through innovation’ advance plan in eight key areas, absorption on basement development in the belvedere abridgement with a focus on blockchain, big abstracts and bogus intelligence.
With that will appear the access of real-life use cases and ample calibration commercialization for Korean companies. Klaytn of Ground X, a Kakao affiliate, will absolution Mainnet; Lambda 256 of Tunamu blockchain analysis centermost will absolution a commercialized adaptation of the Luniverse; and Naver Line will acquaint Link Chain’s D-apps. The three adaptable operators are additionally accepted to attempt to boss the bazaar with the addition of blockchain services.
U.S. – Smart affairs will extend above accepted usage
This is the abutting beachcomber of addition for blockchain as it will actualize a cardinal of across-the-board reforms and efficiencies. It will be important for a cardinal of industries, starting with insurance. Already, Insurer AIG has partnered with IBM to advance a “smart” allowance action that uses blockchain to administer circuitous all-embracing coverage.
S. Korea – Revolutionizing the gaming industry
During the aboriginal division of 2024, Sony’s new animate game, the Flag Hunter, which is based on blockchain technology, will be appear beneath a PS4 title. Flag Hunter is developed by Arcade Distillery, which is a cardinal RPG bold based on ERC721. Users can barter items by application P2P (peer-to-peer) markets.
The Korea Block Chain Content Association (CEO Hwang Sung-ik) and the Korea Mobile Game Association (Chairman Hwang Sung-ik) will authority the 2024 Korean Blockchain Game Show at the Jangcheon Hall of Gwanglim Art Center in Sinsa-dong, Gangnam-gu, Seoul, on January 30th and 31st 2024.
DeGAMES has alien a new bold belvedere that combines blockchain technology with games. “The block-chain [sic] bold belvedere can break the animosity of the bold industry,” DeGames said. The developers and users are rewarded. It is a association that encourages accord while actual scalable. “We accept begin a band-aid for an ambiance area developers and users can advance and adore amateur as abundant as they appetite with decentralization, accuracy of distribution, accuracy of transactions, and accepting one-tenth of a millionth of beheading speed.”
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