South Korea to invest $35 million in Blockchain

The South Korean government has agreed to invest $35 million in next year’s budget to develop blockchain technology and industry related to distributed ledger technology (DLT), reported South Korea’s largest economic information service company Korea Economic Daily.

South Korea’s government has held a meeting on industry related to DLT and blockchain technology with the participation of the Ministry of Science and ICT, the Ministry of Information and Communication, the Democratic Party of Korea, and others. The Vice Minister of Health and Welfare announced during the meeting that the ministries agreed to increase the budget for the next year by three times, approximately to $35 million.

This year, the Ministry of Science and ICT received 72 blockchain project applications from 41 institutions, and selected six final projects for their development in the public sector. For 2019, the Ministry is set to double the number of selected projects to 12, with three to four “private-led” blockchain projects as well.

The Ministry of Information and Communication will be responsible for providing technical, verificational, and consulting services for the blockchain startups for the next year, Korea Economic Daily reports.

The second vice minister of the Ministry of Science and ICT, Wonki Min, noted that “everyone agrees that the blockchain is a technology that will change the future,” and added that they “still need to grow in the market, and will also require institutional and legislative support from the National Assembly, also known as the Korean parliament, looking forward thereby for the development of the blockchain industry in Korea.”