South Korea and Japan have joined forces to advocate for wider use of blockchain, the technology that is behind Bitcoin, which might actually end up being more popular than the currency itself one day.
Two blockchain advocacy groups from South Korea and Japan are going to start working together to fight for blockchain technology, and the translated announcement stated that the two groups had actually been in talks since last month. To seal the deal, the two groups signed a formal agreement in Seoul.
If you don’t know what blockchain technology is, that’s okay. Think of it this way: Bitcoin is the face of the organization, while blockchain is that man, or women, in the background making the company run smoothly. Essentially blockchain technology allows for the perfect management of the database that is responsible for keeping note of various bitcoin transactions.
What’s also great about blockchain is that anyone can use it – that is if you have internet access – but it’s not actually owned by anyone in particular. Some people believe Bitcoin wouldn’t be where it is right now without blockchain, and it’s a good thing that the digital currency has this technology because just last week bitcoin hit a new all-time high.
Various organizations, such as IBM, have worked all year to help revolutionize blockchain. It will be interesting to see the direction the technology heads in 2018, but I don’t doubt its potential for one minute.
The groups joining forces is Blockchain Collaborative Consortium of Japan (BCCC) and the Korean Blockchain Open Forum. In the publicly released statement, BCCC stated that in order to reach their goals, both groups will share their knowledge with one another about blockchain technology, pulling out all the stops and amassing all of their experience.
Last year, BCC disclosed that over 100 companies, like Microsoft Japan, joined its group, which means the group’s membership number has skyrocketed since it first launched.
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