Korea's Educated Jobless Individuals are Building their Blockchain Expertise
Shaurya Malwa May 26, 2020 06:00
Korea’s surging ahead with its blockchain and crypto aspirations. Weeks after the government announced a $400 million blockchain fund, a prominent university added blockchain curriculum to its coursework.
Korea’s surging ahead with its blockchain and crypto aspirations. Weeks after the government announced a $400 million blockchain fund, a prominent university added blockchain curriculum to its coursework.
The move seeks to meet the extensive demand for distributed systems and digital currencies, which the country’s young adult populations consider impactful.
Blockchain as an Employment Opportunity
A report on May 26 noted Daejeon University in South Korea is opening a new fintech-focused department called ‘Future Convergence.” The varsity will further refurbish its technology and finance departments to include blockchain-related developments.
Some areas of integration include smart cities, improved healthcare, tech-driven factories, and advancements in medical institutions using blockchain technology. Alongside this, the educational institute will incorporate curriculum related to big data, artificial intelligence, and other rising technological fields.
The department notes the educational push will bolster employment among Korean graduates affected by a falling economy. Using a China-like narrative, the varsity’s officials believe such developments will foster “talents for the fourth industrial revolution."
Earlier this year, Suseong University in Korea’s Daegu region also included blockchain and AI work in its curricula, after reaching an agreement with the Korea Artificial Intelligence Association.
The work crisis in Korea reached critical levels last year. A Reuters report from 2019 revealed thousands of educated college graduates are struggling to find work in the country, moving to countries like China, Japan, and the U.S. in search of opportunities. Technology-related expertise reigns supreme in the latter regions, meaning blockchain and distributed systems are not an alien concept for most Korean grads.
In 2018, South Korea generated only 97,000 jobs for millions of workers, the lowest figure since the global financial crisis in 2009. Kim So-young, an economics professor at Seoul National University, told Reuters that large companies managed to establish a model for survival “without boosting hiring.”
Meanwhile, the South Korean government is positive about the country’s blockchain aspirations, led by Chinese progressions in the space. The country has increased efforts for blockchain-based banking but ruled out state-backed digital currencies, as Blockchain.News reported previously.
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