Blockchain Technology Development Strategy Announced By The South Korean Gov’t

Announcements, Blockchain | June 22, 2018 By:

South Korea’s Ministry of Science and ICT is planning to raise 230 billion won ($207M USD) by 2022 to fund its Blockchain Technology Development Strategy.

According to the agency, the funds will be allocated to some 10,000 blockchain experts and 100 companies, as well as to foster the advancement and commercialization of six existing blockchain projects supported by the ministry. These projects are focusing on livestock supply chain management, customs clearance, online voting, real estate transactions, cross-border e-document distribution and shipping logistics.

The ministry said the main goal of the existing blockchain projects is to improve the information sharing efficiency and transparency in government services by using a distributed network. The agency also listed 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.

“We will establish a roadmap for developing blockchain technology and plan to secure 90% of the technology level by 2022 compared to the world’s top countries,” the agency said.

In addition, the ministry said it will also invest in a blockchain research center, infrastructure development, and sandbox, as well as to reviewing legal issues specific to smart contracts. It added that the goal of the blockchain research center is to educate students on the nascent technology.

Last, month, the country’s central bank announced it was considering cryptocurrencies and blockchain applications for its project for a “cashless society. In its “2017 Payment Report,” the bank said it started exploring possible uses of the technology, such as applying blockchains and passwords to payments.