South Korean government and Blockchain technology


South Korean government is banking on blockchain technology

The South Korean government has earmarked a budget of 5 trillion won, around € 3.9 billion and it will go for its “Growth through Innovation” investment program. These funds will be allocated to 8 different sectors. Moreover, it will have a particular focus on blockchain technology and artificial intelligence.

It was during a recent meeting in Seoul that Kim Dong-yeon, the South Korean Finance Minister, confirmed this plan. They will allocate 5,000 trillion won (€ 3.9 billion) in 2019 for the country’s innovation program. It therefore represents a 65% increase compared to the budget allocated for 2018.

south korean government

Blockchain technology and Big Data

Considering the importance of digital development, the South Korean government wants to promote research around blockchain technology. More specifically, “big data” and artificial intelligence.

The south Korean minister, quoted by local media Yonhap, confirmed:

“These measures will facilitate the emergence of economical platforms”. Hence it would accelerate the growth of innovative sectors.
According to the ministry’s website, the concerned areas are big data, artificial intelligence, blockchain and the sharing economy. They already received 579.9 billion won (450 million euros) of public funds in 2018. The government entity wants to allocate 1,040 billion won (810 million euros) to these sectors in 2019, an increase of nearly 80%.

The government will focus on developments around big data and artificial intelligence, on blockchain technology to ensure the security of data management and the collaborative economy.

South Korean government and Financial support

The South Korean government has also decided to allocate a budget of 60 billion won (47 million euros) to support 10,000 specialists in 8 promising sectors.

These initiatives come as the Ministry of Science and ICT actively promotes blockchain technology. Moreover, they focus on South Korean youth. For its part, Jeju Island has recently made a proposal to the South Korean government. Jeju Island is the largest island off the coast of the Korean Peninsula. They have the will to become a “special zone for blockchain and crypto-currencies”. They intent to allow crypto-startups to drive ICOs whereby until now it was a prohibited activity on the continent.

Not all the countries in the world have realized the importance of the Blockchain technology. As well as the benefits that can follow these investments. The case of the South Korean government is not the only. In previous articles it states initiatives with the digital currencies and blockchain technologies. It can help them solve internal and economical issues or just develop and confirm their own growth.