South Korea to invest over $200m in blockchain

June 21, 2018
Chris Wheal

South Korea is to invest over $200m in public and private blockchain initiatives.

The government hopes to create as many as 10,000 jobs related to blockchain technology, as it seeks to expand and commercialise existing pilot projects.

Applications

South Korea wants to promote blockchain technology applications for real estate, shipping, voting, livestock management, international e-documents and customs clearance.

There are concept projects such as “smart city” and fledgling blockchain initiatives for the used car market.

The government is also trying to improve participation in blockchain among small and medium-sized enterprises.

Cashless society

Last month, South Korea’s central bank began looking at the possibility of using blockchain technology to drive its ambition to create a “cashless society” by 2020.

There is also growing speculation that the South Korean government may soon decide to legalise Initial Coin Offerings (ICO) once again.

 

ICOs

South Korea could make ICOs legal once again.

Controversy

Last September, South Korea followed in the footsteps of China in banning ICOs, citing worries over fraudulent practices.

Crypto security has come to the fore in South Korea again this week, with as much as $30m having been stolen from crypto exchange Bithumb in a cyberattack.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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