March 10th, 2022

Analysis of Blockchain Technology Adoption for ESG Initiatives in Business

In today’s world, environmental, social, and governance initiatives are accelerating, becoming a criterion for businesses seeking investments from socially conscious investors. As a result, companies have begun to invest billions of dollars in environmental, social, and governance (ESG) initiatives to address wider societal concerns than simply bottom-line profitability. The importance of ESG in these times cannot be overstated, as there is a need to raise awareness of global social and economic inequality and develop effective governance frameworks to address these issues.

Adoption of blockchain technology can be very beneficial in promoting ESG initiatives by improving overall decentralized infrastructure and, in the long run, making these initiatives digitized and automated. For example, a recent report from Banking America with predictions for 2022, confirmed that one of the biggest trends in corporate America is ESG: “Nine in ten banks are paying attention to ESG and one in two would change parts or all of their business in response to new regulations. But nearly one in five, or 17%, says regulations won’t ever be put forth, a dangerous assumption given SEC chair Gensler’s public comments to the contrary.” It seems so-called ‘ESG risk’ is a real concern, and not just for corporate America.

In this article, the aim is to look at various pain points surrounding emerging ESG initiatives that blockchain technology can help solve. While at the same time aware of the fact there’s no unified definition, which means the ESG label is used in a variety of ways. The second layer of complexity to this whole discussion is that the leading blockchain technology, Bitcoin has itself been criticized on ESG criteria, particularly regarding its high energy use. Indeed, a joint letter to leading US congressional representatives, from a whole host of national and international organizations, pointed to the importance of considering ESG when looking at the regulation for crypto to address “the real negative climate and environmental justice effects, which merit close attention by policymakers.”

The role of Bitcoin in energy consumption

Bitcoin as the first blockchain employs a proof-of-work consensus that necessitates a significant amount of energy. According to reports, bitcoin mining consumes more than 100 terawatt-hours (TWh) of electricity per year, enough to power an entire country. For example, Scotland has a population of just over five million and requires 25 TWh of electrical energy each year. It’s argued that the energy requirements of bitcoin mining have hampered the adoption of blockchain technology, as skeptics believe Bitcoin pollutes the environment, generating high carbon emissions year after year. While this is partially correct, BigONE believes these figures have been misinterpreted.

According to a Cambridge Center for Alternative Finance (CCAF) report, 76% of proof-of-work miners worldwide use renewable energy, and renewable energy powers 39% of total proof-of-work mining. Looking at these statistics, it is clear that over time, Bitcoin miners will increasingly resort to using renewable energy that has much less impact on the environment when mining Bitcoins. In addition, current estimates show that Bitcoin’s energy consumption will reduce over time, after peaking in the next decade. As crypto guru Nic Carter said in a Twitter reply thread to the October 2021 protest letter to US politicians: “Miners also participate in demand response, meaning they aren’t online when the grid is overburdened. Their presence dramatically improves economics for renewables and does not compete with households during scarcity events.” Furthermore, given the recent crackdown on miners in China, experts believe that energy consumption in Bitcoin mining will be significantly reduced, allowing for the adoption of blockchain technology in ESG initiatives.

ESG initiatives helped by blockchain technology

Blockchain technology can be a valuable tool in mitigating environmental issues such as climate change and carbon emissions. BigONE would look at some aspects of ESG initiatives that can be improved further by blockchain technology, such as:

Improving supply chain traceability and efficiency: Blockchain technology has the potential to improve supply chain traceability, an issue that has come to the fore with the global impact of COVID-19 on logistics. At another level blockchain technology is a distributed ledger technology that can protect important company data from hacking because data is stored in a decentralized manner. This has a significant application in the food industry. Consumers’ demand for ethically sourced products has increased, particularly in the food industry. Users can use blockchain technology to trace the supply chain of these products and determine whether they are safe for consumption.
As a result, blockchain technology improves the environment for suppliers, distributors, transporters, and retailers by making supply chains more efficient. In 2018 a report on ‘The Economic Impact Of Smart Ledgers On Word Trade’ estimated the potential impact of blockchain technology worldwide to be “anything from a ‘modest’ rise in global trade of $35 billion per annum to perhaps as much as $140 billion.” Indeed, as global logistics has been hit by a squeeze in the supply of containers, the report estimated that using blockchain could be reduced by $46 per container. Meanwhile, BMW is using blockchain to “ensure the traceability of components and raw materials in multi-stage international supply chains.”

Combating climate change: With the introduction of blockchain technology, the use of renewable energy can be expanded, potentially leading to a reduction in carbon emissions. Additionally, blockchain technology can be used to enable carbon offset, a way to compensate for emissions by funding an equivalent carbon dioxide saving elsewhere. Companies can use blockchain to offset their carbon footprint by investing in sustainable environmental projects.
To put this in context, the Carbon Offsets to Alleviate Poverty organization has begun accepting cryptocurrency donations to increase the availability of carbon offsets. When asked about the impact of blockchain technology in combating climate change, Adelyn Zhou, the chief marketing officer of Chainlink Labs, said, “While many people are voluntarily altering their consumption habits to combat climate change, a global shift in consumption will likely require significant incentive changes to drive sustainable behavior.

Self-executing contracts enabled by a combination of blockchains and oracle networks that pull data from the real world can automate incentive systems to directly reward practices that help our environment.” Zhou points to the Green World Campaign and Cornell University who in partnership are developing smart contracts that will reward people who successfully regenerate tracts of land by increasing tree cover, improving soil, and implementing other restorative agricultural practices. “When Chainlink oracles pull-proof of land improvement (via satellite imagery) onto the blockchain, it triggers the smart contract to release a payout. With this system, land stewards can quickly and efficiently receive their rewards,” Zhou confirmed.

Standardized ESG reporting: BigONE also believes that blockchain technology can improve the current reporting standards for ESG initiatives. One of the most severe issues with ESG initiatives is a lack of accountability, as no mandated reporting standards exist. This can be addressed by implementing blockchain technology, which increases transparency and consistency associated with blockchain reporting frameworks and standards. According to Alberto Saavedra, in an article in Advance ESG, precise and timely information is required to allow for periodic adjustments to assure the company’s ESG goals are being met. “The verification of the accuracy of this information is crucial. And it is exceedingly complex when the supply chains cross multiple geopolitical boundaries. Blockchain, a relatively new technology known best for cryptocurrency, can play a key role,” Saavedra confirmed.

BigONE’s support for ESG

We also believe it would be counter-productive to focus on the narrow argument about Bitcoin’s energy consumption while overlooking the numerous benefits this integration can provide. Instead, we should focus on the fact that blockchain technology has already played a critical business role, particularly in the finance and gaming industries. As a proponent of ESG initiatives BigONE believes more sustainable infrastructure can be put in place with the incorporation of blockchain technology, improving the overall positive outcomes of such initiatives. In addition, blockchain technology can enhance governance frameworks and sustain value by providing much-needed transparency and verification processes.

As a testament to its ESG credentials on January 7 BigONE Exchange listed an exciting new crypto project aiming to grow solar power using its innovative tokenomics. It’s making use of the exchange’s new automated market maker (AMM) service to give a share of dividends to each user who contributes to the liquidity pool, to ensure a successful listing. The liquidity mining-based system will place the funds in the funding pool according to the AMM’s algorithm to provide greater liquidity for each market. The Light DeFi’s own crypto network fee is financing the development of a new solar power plant in northeast Brazil.

With an estimated annual revenue of $500,000, and around 80 jobs in the first part of the project, work has already started on building the solar power plant in São Luis do Curu, using local labor as part of their wider commitment to sustainability. BigONE chairman Anndy Lian joined Light DeFi as an investor and advisor to help lead their ESG (Environmental, Social, and Corporate Governance) and blockchain efforts. It was Light DeFi’s community that was crucial to bringing him to the sustainable project in blockchain technology. Through a tweet in which blockchain expert Anndy Lian wrote that to save the planet, the first step would be to join in the clean energy space, Light DeFi’s community responded with many of the community replied by writing about Light DeFi’s revolutionary project. BigONE chairman Anndy Lian said: “To deliver on the ambitious targets to reduce emissions, to deliver on social justice and governance, we need to use blockchain solutions in order to provide data accuracy and transparency. Individuals, and the public and private sector need to work together to meet climate goals, and cryptocurrency and smart contracts running on the blockchain provide necessary infrastructure from micro incentives through to macro tracking.”

Original Source: https://hackernoon.com/analysis-of-blockchain-technology-adoption-for-esg-initiatives-in-business

Anndy Lian

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com

j j j

November 30th, 2020

Anndy Lian Interviews Teng Theng Dar, Business Leader, Ambassador and tech evangelist “The best is yet to be.”

Anndy Lian: Good morning, everyone. I have invited Theng Dar for this interview. He is a business leader, and many know him as Singapore Non-Resident Ambassador to the Sultanate of Oman, and most importantly, he is my friend. It is my honour to have him in our segment.

Good morning Theng Dar. Can you tell the audience more about yourself?

Theng Dar: My name is Teng Theng Dar. I spent about 30 years living and working outside of Singapore. Mainly in the Asia region; Ten years plus each in Japan and Indonesia, four and half years each in Malaysia and Australia, including project time in the ASEAN region countries, especially Vietnam and Myanmar.

After I graduated from Waseda University in April 1979, immediately I started my first job in Tokyo, Japan, with a Japan MNC Kao Corporation (Then known as Kao Soap Co., Ltd).

Out of the 75 new recruits for the year, I was the only non-Japanese, and I stayed with the company for 13 years.

Over the years, I worked in various sectors like FMCG manufacturing and marketing, F&B, commodity trading, ICT, IoT and telecommunication infrastructure and biotechnology etc.

Anndy Lian: Can you share some highlights in your career?

Theng Dar: Sure. The highlights of my career would have to be my time with the Singapore Business Federation (SBF) as CEO in 2008 – 2011 when the whole world was plunged into chaos because of the global financial crisis.

As the voice of the business community, SBF in partnership with members of the uniquely Singapore tripartite body successfully weathered the challenge, and together Singapore achieved a V-shaped recovery in the following year 2010.

During the same period, I also served as Chair of APEC Business Advisory Council during the APEC Year Singapore in 2009 and collectively, with representatives from 21 economies raised issues against the rising protectionism then and continued to promote the possibility of TPP.

This is the two in one experience that I appreciate the most as it was so demanding that I had to put in my all, and it really stretched my capacity to the maximum.

Anndy Lian: Your career paths are exciting, navigating from business to government. It is very similar to what I am experiencing now. Much of my work is outside of Singapore. Is this what you have planned for?

Theng Dar: Not by design but through series of career path changes and events, as well as my active participation in various regional business forums and dialogues that somehow led to my appointment as Singapore Non-Resident Ambassador to the Sultanate of Oman, Adviser, South East Asia Affairs, Shizuoka, Global Business Adviser of Miyagi Prefecture Governments, and Adviser to the School Of Applied Science, Temasek Polytechnic.

With Temasek Polytechnic, my current focus is on using it as the trusted platform and gateway to promote food security & smart city collaborations between Singapore & Japan and then to the ASEAN region.

Interestingly, I am doing what I dreamt of doing when I was still a young undergraduate, and also to do the things I wrote in my graduate thesis.

Life has been very kind to me.

Anndy Lian: Food security, as defined by the United Nations’ Committee on World Food Security, means that all people, at all times, have physical, social, and economic access to sufficient, safe, and nutritious food that meets their food preferences and dietary needs for an active and healthy life. I understand that you have been a strong voice in food security matters. What are you working on right now?

Theng Dar: In the past four years, I have been focusing on seeking collaboration opportunities linked to food security (I. e. aquaculture & urban farming)

By working with Temasek Polytechnic as the technical gateway and platform, my focus has been in the development of agri-business & R&D community to enable co-development and business collaborations to achieve Singapore Vision 30 by 30, and thereafter expand overseas to contribute to UN Sustainable Development Goal 1 – no poverty, Goal 2 – zero hunger, Goal 11 – Sustainable cities and communities, Goal 12 – responsible consumption and production, and Goal 17 – Partnerships for the goals.

Although delayed by Covid19, one exciting outcome is the inaugural Singapore Shizuoka Agrifood Forum held on Nov 17th, 2020.

Anndy Lian: Thanks for sharing, and do you think companies are ready to fork our extra cost to increase security from their productions? Do you also feel the governmental bodies and private companies have aligned goals on this?

Theng Dar: If we take food security as the specific example for consideration, then it is not just about cost but rather food loss/ food wastage and sustainable food supplies.

In agribusiness, we are still trying to measure food loss and food wastage and their impact on food cost and pricing. Either at pre-farmgate or post-farmgate, the “loss” or “waste” percentage can go as high as 30 – 50%. Next is the wastage at retail and consumption level where food waste is suggested to be between 10 – 30%.

All in all, with the current mode of operating the supply chain for foods, we are looking at a very alarming rate of losses/wastes.

Anndy Lian: Food sustainability is about generating food at a productivity level that is enough to maintain the human population. In years to come, we will face food scarcity. Future food like lab-grown beef has been much talked about; people are worried about its source, how it is produced etc. Do you think technology implementation, e.g. Blockchain + IoT connectivity helps in providing more trust for the consumers?

Theng Dar: By 2050, the world population is projected to reach more than 9 billion people but based on various studies and forecasts, food production capacity using traditional methods will not be able to meet the increase in demand.

We are looking at a severe food crisis in the making if farming practices do not adopt technology to grow more with less with assured quality.

With the above as a backdrop, combined with AI, big data, and analytics, I see blockchain technology as one enabling technology to help reduce “loss and waste”, create a supply chain of trust that can deliver speed in transactions involving multiple parties. In so doing, time and cost of supply chain can be further compressed.

Anndy Lian: Having chatted on various aspects, can you share with us how you see blockchain technology? What is the future like?

Theng Dar: Assuming that the required hard infrastructure is already in place, blockchain technology has the potential to deliver great impact in the way businesses are done and also in the way we consume health services.

(1) How blockchain can help to remove the administration pains associated with KYC? This should be able to benefit the regulators, financial institutions, and users by reducing the time and manpower needed to complete the process.

(2) How can the adoption of blockchain help ensure product traceability? This is one tremendous contribution that blockchain technology can deliver to food security and food safety and thus enabling the concept of “farm to table” to support quality and safe foods assurance. By the way, this will also enable a food supply chain with speed and security in inspections etc., and thus potentially achieve less food spoilage in transit.

(3) How blockchain technology can be done to help speed up property transactions?

(4) In health services, how blockchain technology can be applied to secure medical records and enable the delivery of personalised health records for better and accurate healthcare services in preparation for the tsunami of aging population. And many more.

That’s the bright and better future for all of us if the blockchain technology can be better applied in the areas where better and higher economical values can be generated by creating new efficient ways of doing things and higher value and quality jobs are then done by humans.

Anndy Lian: Do you think this pandemic is a wake up for many who did not digitise themselves? Do you think a level of decentralised post-pandemic will safeguard us in the event of another crisis?

Theng Dar: I do not think this needs further discussion. The reality is before all of us. As we advance, both IR4 and the preference of the future workforce will give pressure for businesses to digitise. On top of that, I believe we need to adopt a new way of doing business – i. e. How to operate our business on a permanent pandemic ready mode. If the answer is yes, then digitalising is the way to go.

Anndy Lian: Last but not least, please share an inspiring quote.

Theng Dar: It is my pleasure.

“The best is yet to be.”

Anndy Lian: Thanks for spending time with us today. I hope all of you like my moderation. Next week, Melody or Jenny will take interview another expert. Stay tune at www.blockcast.cc/interviews.

This interview is curated by www.blockcast.cc.

Original Source: https://anndy.com/interview/teng-theng-dar-business-leader-ambassador-and-a-technology-evangelist-the-best-is-yet-to-be/

Anndy Lian

www.anndy.com

j j j

September 23rd, 2020

Citiesabc Interviews Anndy Lian, Author, Blockchain Thought Leader On Bridging Blockchain Between Business & Governments

Anndy Lian is an Inter-Governmental Blockchain Adviser, Book Author, Investor and Board Member.

Anndy Lian is a global thought leader and an all-rounded business strategist with more than 15 years of experience in Asia. He has provided advisory across a variety of industries for local, international & public listed companies. Anndy played a pivotal role in not-for-profit and quasi-government linked organizations. An avid supporter for incubating start-ups, Anndy has investments in a few health-related companies. He believes that what he is doing through Linfinity and blockchain technology currently will revolutionise and redefine traditional businesses.

Anndy Lian Interview focus

1. An introduction from you: education, professional background
2. Asia is one of the most dynamic regions in the world. You have been working in Singapore and South Korea, which are at the forefront of technological development. How do you see this dynamic in the region and especially in these two countries?
3. There is no doubt that governments and organizations need to better understand blockchain and your company is keen to make that vision a reality. Can you tell us more about Linfinity and its mission?
4. Blockchain is one of the fundamental technologies of the 4IR with a lot of potential but we are still in the theoretical stage. Many countries are lagging behind in R&D and there is a lack of awareness about blockchain. Working with governments and businesses, can you share with us your thoughts on what is the general approach to blockchain?
5. You have written ‘Blockchain Revolution 2030’ and very active as a blockchain writer. Can you tell us about your work as an author and how you see blockchain intertwined with traditional industries?
6. Blockchain technology combined with AI is a powerful setup that can create really innovative and interesting solutions for many of our current challenges, such as leveraging trust in technology, digital identity, etc. At the same time, it also raises some concerns in some sectors. including governments and users. How do you see this?
7. Cryptocurrencies are becoming more and more mainstream. Countries are developing CBDCs, there are thousands of different digital currencies, companies use them to raise money through ICOs and, more recently, STOs… How do you see the cryptocurrency industry right now, especially the evolution from ICOs to STOs?
8. From your experience working with governments, advising companies and your knowledge about blockchain and emerging technologies, what would be your advise to governments and companies and what do you expect about the future of blockchain?

Anndy Lian Key Takeaways

· About Anndy Lian’s background and education. I am originally from Singapore but I have spent a great part of my life in working and living in various cities across Asia, including Hong Kong, Taiwan and, especially, Seoul in South Korea. I started my journey in blockchain a few years ago. I joined the government area of blockchain research because of the rising scams and frauds that there were in the blockchain space so I became an advisor to the government. This role and expertise provided me an invaluable insight into the blockchain technology and in management. I was appointed recently to the Hyundai DAC blockchain research branch as an advisor. I am also an investor in different startups and companies building solutions through blockchain technology.

· About working in Asia and the economic development in Singapore, South Korea regarding blockchain. I always wanted to learn more and become an expert in something that would harness the power to change the future and blockchain came about just in the right time so I made myself go out of my comfort zone in Singapore and travel to places where blockchain was trending. When I started in blockchain, I saw a lot of fraud and scams in the blockchain space and I thought it was damaging the technology and its future. I first started as an advisor in the private sector but I soon saw that the only way blockchain can really become widespread is if governments accept it. So that is what drove me to work hand-in-hand with and to advise governments.

· On the governments’ stance on blockchain and Linfinity’s role. Linfinity started in 2017. One thing to note is that even though we are a blockchain-focused company, we never did an ICO or anything like that, not even in the hectic 2018 ICO year where it seemed like it would be the easiest option to get funding. We struggled a bit in the beginning but we didn’t want to do anything that would eventually harm the company.

We have worked with different countries advising them about how to implement functional blockchain platforms and, especially, blockchain technology in supply chain systems. What I learned during that time is that working for governments is much more important than working for the private sector as we can really help a whole country to step up and improve their systems. It is very satisfying to do it. That is ultimately our goal with Linfinity, we want to help the adoption and widespread literacy about blockchain and cryptocurrencies.

· About blockchain adoption and government approach. From a country standpoint, they are talking about the implementation of blockchain solutions in the near future. COVID-19 is actually speeding up research and accelerating the implementation of blockchain-based solutions and that’s really good news, there are positive vibes around the possibilities. I feel like one of my responsibilities is to push the agenda of these countries further and help other countries that are not as receptive to blockchain and change my mind regarding this technology. Fortunately, most of the countries are starting to understand blockchain without cryptocurrencies, as a standalone technology. In fact, if you talk about cryptocurrencies, governments are reluctant to discuss them further due to regulatory hurdles and legacy systems that dominate the financial industry.

Not all countries have the same approach to blockchain and cryptocurrencies. Singapore and South Asia countries, for example, are really keen to research and are more open to implementing blockchain and cryptocurrencies solutions.

· About ‘Blockchain Revolution 2030’ book and your work as an author. Governments, companies and organizations want to be more efficient and there are politicians, which are important for blockchain, that believes that blockchain can do a lot to make legacy systems more efficient, transparent and secured.

Typically, whenever a technology comes up, governments eventually pick up and explore how that technology works and what that technology can do for them and its potentiality. And they have taken that approach with blockchain. I have been approached by governments with these very questions about blockchain. Normally, governments try to see these solutions in place and invite businesses to try them out. The Filipinas example is quite interesting. We were asked by the Filipino government how to implement a blockchain solution to make the export supply chain more efficient as they were losing revenue. We proposed a solution and many businesses from Filipinas step up, attracted by the idea. And I think this is a success story.

· Blockchain technology and AI: Challenges and opportunities. Based on what I see, AI is really going to help our daily lives. There is an ongoing smart city project in which they use AI to improve their citizens’ lives greatly. In fact, AI is the core technology behind the project. I had the chance to talk to the people in charge of the project and I was asking questions about cybersecurity and the right way to implement AI. I was also dropping the benefits of using blockchain in that project because it can actually boost AI with an extra layer of cybersecurity and trust.

One thing I have learned is that blockchain can only do so much, it is the collaboration and combination of different technologies that will change the world.

· How do you see the cryptocurrency industry right now, especially the evolution from ICOs to STOs? I believe that South Korea is a strategic country between Japan, China and the gateway to South Asia. That’s why I think cryptocurrencies took hold there. Today, the main use of cryptocurrencies is trading. There are hundreds of crypto exchanges and there are many traders who make money from cryptocurrencies, speculate on its price and use it as a trading product and I think this will stick with us for the long term. However, I don’t see cryptocurrencies just for their trading capabilities. The regulations will have a major impact on cryptocurrencies, making them a more mature market and helping the industry attract investors and more users. Tokenization is, in fact, much more than trading cryptocurrencies. Companies are already exploring the idea of tokenizing their assets and using tokens to reward employees, investors, and consumers. In short, the cryptocurrency industry will look like a commercial product for a while, but as governments start to take a closer look at it and pass regulations, it will help make the market more mature.

Anndy Lian Biography

Anndy Lian is an Inter-Governmental Blockchain Adviser, Book Author, Investor, Board Member

Anndy Lian is currently the founder and CEO of Linfinity, a company that manages the total supply chain using Blockchain Technology. We establish such a platform with reliable data, transparent information, efficient cooperation and interconnected network to cope with the practical business pain points and development demand of corporate users.

In parallel, Anndy Lian currently serves as the Advisory Board Member for Hdac (Hyundai DAC) Technology, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian advises the company on the token economy and governance matters.

He is also the author, together with co-authors, Park Young Sook and Shawn Hamnison and published by Kyobo Book Centre, the largest bookstore chain in South Korea, of Blockchain Revolution 2030. Blockchain Revolution 2030 is a comprehensive review of the birth, principles, industrial and institutional issues, status and future of the “blockchain” that will become the foundation technology of the 4th industrial revolution.

Anndy Lian has also been advisory to China-ASEAN Business Alliance (CABA), engaging with government leaders and policymakers of various countries through roundtables and policy briefings and offer views and recommendations on behalf of its members on trade and economic issues/policies affecting them especially on the ASEAN–China Free Trade Area as well as other schemes under the ASEAN-China dialogue relations and ASEAN Economic Community.

Prior to that, he was the Council Head, South East Asia at Korea Horse Industry Council, a subsidiary of the Ministry of Agriculture, Forestry and Fisheries of the Republic of Korea. This department’s aim was to presentee the right policy directions and alternatives for nurturing and supporting the horse industry. It was established on November 28, 2011, to promote the balanced development of the economy and enhance the quality of life of the people by establishing the development base of the horse industry and strengthening its competitiveness.