South Korea is recognized as one of the world’s richest countries and is also noted as the member of G20, an organisation formed by the 20 strongest economies of the world. In 2017, the unemployment rate of South Korea was around 3.68 percent, and it boosted up to 4.0 per cent at the beginning of 2018, but gradually declined to 3.7 per cent in the mid-June of this year.
To overcome the unemployment rate in the country, South Korea’s Ministry of Science and IT has taken the responsibility of starting a revolutionizing training program for youth called “Fourth Industrial Revolution”. It will provide training in Blockchain technology by including it in all the courses.
The country is currently facing a Global transformation called Fourth industrial revolution and is concentrating on endorsing innovation across the society by building an environment which encourages autonomous research and growth technologies stated Ministry of science and ICT.
Blockchain A Way Out :
The ministry sighted Innovation growth industries in the country and announced the development of 40 courses which include the subject areas like artificial intelligence, virtual reality, Blockchain, drones, Big Data, autonomous vehicles, augmented reality and cloud. The ministry expects these courses will increase the employment opportunities for youth.
Young-Kyung Won, a software policy officer at the Ministry of Commerce, Industry and Energy, said: “However the youth unemployment issue is evolving as a social problem, the issue of job mismatch is severe”. The ministry will hunt talent that is going to match with a company’s vision, thereby developing job opportunities for young people who are looking forward to jobs and creating jobs he added.
Consortium supports Youth Training :
The ministry stated A Group of universities, corporations, trade associations, industry/ academic related organisations are intended for improving youth employment opportunities by training. Many other organisations such as Unity Technologies, SAP, Oracle, Hancom MDS, PWC, Seoul National University Hospital, Saltlux and KBX include in the consortium. South Korea is presently the Third Largest cryptocurrency market other than Japan and U.S.A.
The Ministry of Science and ICT will hire trainees in August and will start promoting through websites and educational institutions. Hopefully, this project will reduce the unemployment in South Korea.