South Korean government is planning a major blockchain technology development with investments of 230 billion won or around $207 million, which will be raised by 2022.
The Ministry of Science and ICT of South Korea announced that the investment, as part of its blockchain development strategy, would be used to fund over 100 companies and 10,000 blockchain industry professionals.
The move is expected to expand and commercialize six existing blockchain pilots with the government support. These pilot programs include online voting, shipping logistics, livestock record management, customs clearance, real estate, and international e-document distribution.
The Ministry also plans to support private blockchain initiatives. These would include smart city and smart factory projects, a blockchain system for the used car industry, and a blockchain-based safe school food distribution initiative.
The development of Blockchain-as-a-Service or BaaS will also be supported by the government, which would allow small and medium-sized enterprises to implement blockchain solutions efficiently.
It is expected that the funds will also be allocated to blockchain research projects, infrastructure development, and a blockchain technical support center, among other things.