Can blockchain save the jobless graduates of South Korea?


South Korea is one of the leading economies of Asia but despite that, students are facing tough times to secure a job after graduation. To tackle this problem, the universities and government have been adopting the necessary steps for the implementation of a blockchain technology culture. This technology is capable of creating a lot of jobs because of its immense popularity, mass application, and rising demand. So, there is a great possibility to scrub off the unemployment rates with the help of blockchain, provided that proper implementation is followed and efficient resources are allocated. 

Let’s have a look at the prevailing scenarios in South Korea for better understanding: 

Unemployment issue 

The need to address this unemployment issue is very important in South Korea because the talented and skilled youth are moving to other countries in search of employment. To rescue the economy from the bad effects of unemployment, the blockchain has been considered as a viable and practical option. If the students become skilled enough to use this technology in diverse settings, then it can help them to easily get a job after graduation because of the wide popularity and diverse application of blockchain. For now, the government has designed some programs to help youth find work overseas. 

Revised curriculum 

To develop and promote the environment of technology skills development of students, the universities in South Korea like Daejeon University have restructured some parts of its technology as well as finance departments. This can help the students to learn about the application and constructive use of blockchain. The Daejeon journal also published an announcement that reveals that the curriculum will now recognize and cover topics like smart city, smart health care, smart factory, and other employment fields.

Educational partnership

On 22nd May 2020, the Suseong University of South Korea had locked a deal with the KORAIA i.e. Korea Artificial Intelligence Association to incorporate a distributed ledger technology along with A.I- concentrated campus in the city of Daegu. The local media’s confirmation also states that Suseong University will provide the courses to students for learning the concepts of blockchain, big data, A.I, cloud technology, etc. The application of these courses will take effect from the next academic year. 

Government efforts 

The Government of South Korea is aware of the fact that an advanced technology learning ecosystem can help the youth population to develop those relevant skills that are necessary for addressing the modern-day problems in a global society. For this purpose, the authorities have been showing continuous positive support to develop and enhance the existing situation of blockchain technology in the country.

According to a credible report of South Korea, the two ministries i.e. The Ministry of Information and Communication Industry Promotion and The Ministry of Science and ICT (Information and Communications Technology) have extended financial support worth $3.2 million to finance the local startups for encouraging the application of advanced technology. Apart from that, these two ministries will also launch a pilot program in 2020 to observe further development in the blockchain industry. 

After viewing all these aforesaid scenarios, it seems clear that South Korea has adopted the right path to address and curb the problem of unemployment with the help of technology. 

Rajeev has years of experience working in the IT industry and investing in both traditional stock and cryptocurrency markets. Over the years, Rajeev developed a passion for writing and he now works as a freelance writer on articles like Blockchain, Cryptocurrency, IT and a platter of different fields.

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