South Korea Includes Blockchain As Part Of $4.4B USD Domestic Investment Plan For 2019

Announcements, Blockchain, Investing, News | August 14, 2018 By:

The South Korean government has announced that it will spending a total of 5 trillion won ($4.4B USD) to nurture eight critical sectors of the domestic economy, including blockchain.

On Monday, the country’s finance ministry unveiled its ‘growth through innovation’ investment plan for 2019. According to the ministry, the government opted to increase the amount spent on areas such as blockchain, big data and artificial intelligence (AI) by 65 percent from this year’s estimates.

For the platform economy, the government decided to focus on two platforms, a digital platform for big data analytics and a supply chain for hydrogen fuel cells. It also announced four projects, including an education project to develop qualified human capital needed.

“The government will focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy,” the ministry said. “The government will also provide fiscal support to encourage small businesses to use big data, and promote the development of digital trade platforms for exporters.”

The ministry said that the government will jack up investment in the sectors to up to 10 trillion won ($8.8B USD) over the next five years.

“The measures will help facilitate the platform economy, which in turn will help speed up innovative growth,” the ministry said.

Earlier this year, the South Korean Ministry of Science and ICT announced that it was planning to raise 230 billion won ($207M USD) by 2022 to fund its Blockchain Technology Development Strategy. 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.