The Ministry of Science and Information and Communication Technologies of the Republic of Korea announced a strategy for the development of blockchain technology. A total of 230 billion won (more than $ 200 million) is to be distributed for this industry.
The government announced that it plans to complete a fundraising campaign by 2022. To further develop and promote developments based on blockchain, the South Korean government plans to grow over 10,000 industry professionals and set up 100 companies. In addition, the authorities plan to invest in enhancing the country’s competitive position in the blockchain industry.
The Ministry also announced its intention to support the development of the Blockchain-as-a-Service (BaaS). The main goal is to assist companies specializing in the development of blockchain technologies.
Starting from next year, the ministry plans to support the launch of six pilot blockchain projects in the following areas:
electronic document interchange between countries;
customs and so on.
Another area of activity will be the organization of research groups. Their goal will be the improvement of legislation, which currently hampers the widespread introduction of blockchain technology in the country.