South Korea is one of the leading economies of Asia, but notwithstanding that, students are encountering tough times to acquire a job after graduation. To tackle this problem, the universities and government have been utilizing the required steps to implement a blockchain technology culture. This technology can create a lot of jobs because of its immense popularity, mass application, and rising demand. Therefore, there is an excellent opportunity to scrub off the unemployment rates with blockchain, granted that proper implementation is developed and efficient resources are allocated. 

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

Unemployment issue 

The need to address this unemployment issue is significant in South Korea because the talented and skilled youth are moving to other countries searching for employment. To rescue the economy from the bad consequences of unemployment, the blockchain has been recognized as a viable and practical option. If the students become proficient enough to utilize this technology in diverse settings, it can help them quickly get a job after graduation because of the wide popularity and different application of blockchain. For now, the government has created some programs to assist youth find work overseas. 

Revised curriculum 

The universities in South Korea, like Daejeon University have restructured some parts of its technology and finance departments. This can assist the students in learning about the application and constructive use of blockchain. The Daejeon journal also published a declaration that unveils that the curriculum will now identify and embrace topics such as smart cities, smart factories, smart health care, 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 include a distributed ledger technology along with A.I- concentrated campus in the city of Daegu. The local media’s confirmation also says that Suseong University will offer courses to students for studying the concepts of blockchain, A.I, big data, cloud technology, etc. The application of these courses will take force from the next academic year. 

Government efforts 

The Government of South Korea is conscious that an advanced technology learning ecosystem can support the youth population to promote the relevant skills required for addressing the modern-day problems in a global society. For this purpose, the authorities have been dispensing constant positive support to improve and intensify the current 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 elongated financial support worth $3.2 million to fund the local startups for promoting the application of advanced technology. Aside from that, these two ministries will also launch a pilot program in 2020 to witness further development in the blockchain industry. After viewing all these scenarios above, it appears obvious that South Korea has embraced the right path to discuss and curb the problem of unemployment with the help of technology.