South Korea invests $200 million in blockchain initiatives
South Korea’s government has unveiled plans to invest over $200 million into blockchain initiatives over the next four years.
The Ministry of Science, ICT and Future Planning announced its ‘Blockchain Technology Development Strategy’, which will invest over 230 billion South Korean won (KRW) – about US$207 million – into public and private blockchain projects aims to enhance the country’s competitive position.
Pilots already underway
The initiative will hire 10,000 professionals to foster work on 100 enterprises and create a blockchain-powered ecosystem for public and private sector services.
The Ministry added that six blockchain pilot projects are already underway in the public sector in the areas of livestock products management, real estate transactions, online voting, cross-country electronic document distribution and shipping logistics.
From next year, the Ministry plans to begin commercialising and expanding these initial projects along with several new services, such as a Blockchain-as-a-Service (BaaS) platform built to enable testing and quick integration of blockchain solutions to small and medium-sized enterprises (SMEs).
There are also contingency plans to ensure that the initiative doesn’t hit any legal obstacles. The Blockchain Regulation Improvement Study Group will work with lawmakers to pre-emptively respond to any regulation or system that could potentially hamper the introduction of blockchain technology and services.
The ultimate goal of the government-sanctioned initiative is “to create a society that can depend on the power of decentralised technology to improve daily life.”