The South Korean Government, through the country’s Ministry of Science and Technology, will popularize the training of blockchain technology in a bid to train the youths for what it refers to as the “fourth industrial revolution.” Also, blockchain technology is now added to the list of courses recently announced by the Ministry.
According to the recent announcement on the ministry’s official website, it is apparent that the ministry cannot shield its biases for the blockchain technology as it tends to focus on providing support to innovative ideas within the society and also building and maintaining an enabling environment where technological growth and independent research thrives. The ministry went on to refer to this development as the country’s contribution to the global growth; “Fourth Industrial Revolution.”
The Fast-Rising Blockchain Industry
The Ministry has a list of industry and advance technology which falls within the scope of “innovative,” industry such as Blockchain, big data, cloud storage technology, augmented reality, autonomous vehicles, and drones, artificial intelligence, as well as virtual reality. In line with this project, the Korean Ministry of Science has announced the introduction of 40 additional courses to the syllabus which will cover the above subject areas. These new courses are basically to boost the employability of an average South Korean youth.
The software policy officer at the Ministry of Commerce, Industry and Energy, Young-Kyung Won opined that: “Although the youth employment issue is emerging as a social problem, the problem of job mismatch is serious.” The ministry will foster talents that match a companies’ visions, he said, thereby creating new opportunities for young people who are looking for jobs and creating jobs.
Earlier this year, we have witnessed the US State Department and South Korea’s Ministry of Science and Technology reaching a consensus to empower both countries’ collaboration in advancing the Fourth Industrial Revolution.
The Proposed Youth Training
The proposed training process for youth is set to recruit its pieces of training sometimes in August with promotions on various platforms both online (website) and offline (education institution).
The bright side of this project is that a group of universities, trade associations, industry (academic related), and corporations shares this idea as well, thereby, making it easy to succeed in the quest of improving the employability of South Korean youths. These organizations include SAP, Seoul National University Hospital, Saltlux Unity Technologies, PWC, Oracle, Hancom MDS, KBS, etc.
It would be exigent at the point to note that South Korean has been seen dominating the global scene of the blockchain technology as it is currently the largest third largest cryptocurrency market following right after the United States and Japan which are first and second respectively.
Also, the private sector of the South Korean Economy has also featured in the blockchain development. The oldest bank in South Korea, Shinhan Bank, which is a subsidiary of Shinhan Financial group founded in 1897 (but started as Hanseong Bank) has entered into a Partnership agreement with the country’s second-largest telecom provider, KT Corp, to develop a blockchain platform to capitalize on digital voucher which will be introduced by the regional government.