BITCOIN & BLOCKCHAIN: CHINA, UNITED STATES AND SOUTH KOREAS CURRENT STATUS AND FUTURE OPPORTUNITIES

Abstract

This paper used ABCD model by Moon (2016), which is used to analyze the potential competitiveness of Koreas strategy on Bitcoin and Blockchain technology. Bitcoin is a digital currency without physical form and transactions are possible through an exchange facility. Blockchain is internet based public transaction ledger which allows for operational saving, low transaction costs and open resources. Compare to Korea, United States and China have better endowment factors for Bitcoin and Blockchain such as regulation. What are the actions South Korea can take? In this paper, we look at Bitcoin and Blockchain strategies among United State, China and South Korea in comprehensive aspect of ABCD model by Moon(2016), formatted Agility, Benchmarking, Convergence and Dedication. This will show how the three countries have developed these new technologies and industry and current trends. Based on ABCD Model, the result will show ways to find potential competitiveness business strategy. Furthermore, it will show what weak condition that South Korea is facing and how to solve it.