SKorean Government To Invest More Than $200M In Public, Private Blockchain Initiatives

News Asia reported Thursday South Korea’s Ministry of Science and ICT announced a major Blockchain Technology Development Strategy seeking 230 billion won (approximately $207 million) by 2022.

The new initiative, the report said, will foster 10,000 blockchain industry professionals and 100 companies, and will expand and commercialize six existing blockchain pilots with the Ministry’s backing.

The goal of these pilots is to leverage blockchain technology for use in real estate, online voting, shipping logistics, livestock record management, customs clearance and international e-document distribution, CoinTelegraph reported.

The ministry’s news release also gives examples of private blockchain initiatives it plans to promote, including “smart city” and “smart factory” projects, a blockchain system for the used car industry and a blockchain-based “safe school food” distribution initiative.

In addition, the Korean government will back the development of BaaS (Blockchain-as-a-Service), to allow small and medium-sized enterprises to implement blockchain solutions efficiently, the report said.

Additional funds, CoinTelegraph said, will be allocated to blockchain research projects, infrastructure development, a blockchain technical support center and sandbox, as well as to reviewing legal issues specific to smart contracts.

In May, the report said, the country’s central bank began exploring the idea of using blockchain to realize its ambitious project for a “cashless society” by 2020.

– WN.com, Jack Durschlag