Blockchain-in-security Market size was valued at USD 1.67 Billion in 2024 and is projected to reach USD 9.65 Billion by 2033, exhibiting a CAGR of 22.2% from 2026 to 2033.
South Korea's blockchain-in-security market is rapidly evolving, driven by stringent regulatory frameworks and proactive industry initiatives aimed at enhancing digital asset security. The implementation of the Virtual Asset User Protection Act (VAUPA) on July 19, 2024, marked a significant milestone in safeguarding virtual asset users. This legislation mandates that Virtual Asset Service Providers (VASPs) segregate user deposits from their operational funds, with at least 80% of users' digital assets stored in cold wallets to mitigate hacking risks. Additionally, VASPs are required to maintain insurance or reserve funds to cover potential losses from security breaches. citeturn0search0
The financial sector has been particularly active in adopting blockchain solutions to bolster security. For instance, Shinhan Bank, one of South Korea's largest and oldest banks, has implemented blockchain technology to expedite loan approval processes. By utilizing a blockchain-based verification system, the bank has reduced the time required to authenticate customer documents from several days to real-time processing, thereby enhancing both efficiency and security. citeturn0search6
In the realm of asset tokenization, major South Korean banks are gearing up for a burgeoning security token market, projected to reach $27 billion. Institutions like NongHyup, Hana Bank, Shinhan Bank, and Woori Bank have formed a consortium to develop platforms for issuing and trading security tokens, aiming to establish a robust ecosystem for tokenized corporate bonds and other assets. citeturn0search2 The government's proactive stance is further exemplified by initiatives such as the blockchain-based beef traceability project. This pilot project leverages blockchain technology to track beef throughout the supply chain, ensuring transparency and enhancing consumer confidence in product integrity. citeturn0search6 Despite these advancements, the industry faces challenges, particularly in regulatory compliance and the prevention of illicit activities. The Financial Services Commission (FSC) has been granted comprehensive oversight and enforcement powers under VAUPA, enabling it to supervise, inspect, and penalize VASPs for non-compliance. This includes mandates for VASPs to implement surveillance systems to detect and report suspicious activities, thereby preventing unfair trading practices such as price manipulation and insider trading. citeturn0search1 In response to these regulatory requirements, solutions like the Risk Management Authentication (RMA™) badge have emerged. The RMA™ badge serves as an independent certification signaling a project's commitment to best practices in governance, transparency, and risk management. By obtaining this certification, projects can enhance trust and reduce risks for investors and the broader ecosystem. citeturn0search8 As South Korea continues to integrate blockchain technology across various sectors, the emphasis on security and regulatory compliance remains paramount. The collaborative efforts of financial institutions, government agencies, and technology providers are instrumental in fostering a secure and transparent blockchain ecosystem, positioning South Korea as a leader in the global blockchain-in-security market.
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IBM
AWS
Microsoft
SAP
Intel
Oracle
Bitfury
Cegeka
Earthport
Guardtime
Digital Asset Holdings
Chain
Huawei
BlockCypher
Symbiont
BigchainDB
Applied Blockchain
RecordsKeeper
BlockPoint
Auxesis Group
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Blockchain-in-security Market
Identity Management
Data Protection
Access Control
Fraud Detection
IoT Security
Secure Transactions
Public Blockchain
Private Blockchain
Consortium Blockchain
Hybrid Blockchain
Distributed Ledger Technology (DLT)
Financial Services
Healthcare
Government and Public Sector
Manufacturing
Retail
Telecommunications
On-Premises
Cloud-Based
Hybrid Deployment
Consulting Services
Integration Services
Maintenance and Support Services
Training and Education Services
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Blockchain-in-security Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Blockchain-in-security Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Blockchain-in-security Market, By Type
6. South Korea Blockchain-in-security Market, By Application
7. South Korea Blockchain-in-security Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Blockchain-in-security Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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