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Investment of $200 Million to be Initiated in Public and Private Blockchain by the South Korean Government

According to the reports by The News Asia on June 21, a huge Blockchain Technology Development Strategy which aims to raise $207 billion by 2022 has been announced by the South Korea’s Ministry of Science and ICT.

As per the announcement of the Ministry’s official, the new initiative of Blockchain Technology Development Strategy will foster 10,000 blockchain industry professionals and 100 companies. It will also expand and commercialize six existing blockchain pilots with the Ministry’s backing.

The aim of these six existing blockchain pilots is to leverage blockchain technology for real estate, online voting, shipping logistics, livestock record management, customs clearance, real estate, and international e-document distribution.

The press release of the Ministry gives a gist of the private blockchain initiative it plans to promote. The plans include, “smart city” and “smart factory” projects, a blockchain system for the used car industry, and a blockchain-based “safe school food” distribution initiative.

To help small and medium-sized enterprises to implement blockchain solutions efficiently, the Korean government will back the development of BaaS (Blockchain-as-a-Service).

The allocation of funds will be done to blockchain research projects, infrastructure development, a blockchain technical support center and sandbox, as well as to reviewing legal issues specific to smart contracts.

After the reports about the theft of $30 million from South Korea’s leading crypto exchange Bithumb, wider developments in the country’s crypto and blockchain industry this spring have been more focused on and has been positive.

Last month, South Korea’s central bank started exploring the potential of blockchain and using the idea of blockchain to realize its ambitious project for a “cashless society” by 2020. A positive reorientation was revealed by the South Korean government for domestic crypto and blockchain legislation, suggesting it plans to make domestic Initial Coin Offerings (ICOs) legal again.

The chairman of Netmarble, one of the largest South Korean gaming companies, which has a market capital of about $11.59 billion, said, he believes that blockchain technology “will be applied to all industries in the future.”

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