BTC Wires

South Korea’s $880 Million Investment In Technology To Benefit Blockchain

BTC Wires: On 14th August, 2018, the South Korean Administration’s Policy Coordination Bureau, delivered a press release of the 5th Ministerial Meeting on ‘Growth through Innovation’. Some incredible new developments came to light, that have got the Blockchain industry in a tizzy. The meeting, headed by South Korea’s deputy prime minister Kim Dong Yeon, jointly came up with four projects, which they plan to invest in heavily over the coming years.They are:

  1. building a digital platform for big data and AI, along with promoting blockchain technology to secure data transactions and the sharing economy,
  2. easing data divide,
  3. setting up a hydrogen fuel cell supply chain
  4. developing an education program to meet the demand for qualified workforce needed in the future

As stated above, one of the projects includes the aspect; “promoting blockchain technology to secure data transactions and the sharing economy”

The South Korean Ministry of Economy and Finance plans to invest a massive  $880 Million alone in the coming year, to boost the technology sector in the country, which will also include blockchain. The country is all set to embark on a five-year-plan concerning eight pilot projects which were the outcome of the meeting. The number that they have promised to invest in the technology sector guarantees an 80 percent growth compared to the sum that the government spent in 2018.

The government had set up a private-public joint taskforce that went on an extensive tour of the country, and they visited businesses and took feedback from them. Compliance difficulties were plaguing most businesses, but with the help of the joint task force, more than 100 billion won worth of investments that were held up will soon be made.

South Korea has been a trailblazer when it comes to incorporating blockchain technology in their administration. Back in June, BTC Wires reported that the South Korean Ministry of Science and ICT is in the process of formulating a blockchain technology development strategy and has earmarked a total of 230 billion Won (USD 200 million) for the same.