South Korea is preparing to invest $ 388 million in the development of Blockchain technology. According to the latest information, the Korean Ministry of Science, Information and Communication will decide whether to continue a massive Blockchain development project at the end of the month. If the project continues, the fund will invest 480 billion won, or approximately $ 388 million, to develop Blockchain technology in 5 years.
388 Million Dollar Move
Considering the rapid progress of blockchain technology in China, South Korea is also preparing to take a step for its Blockchain strategy. In this context, the decision of the Ministry of Science, Information and Communication of Korea is expected at the end of the month.
If it is decided to continue the project, an investment of 388 million dollars will be made to companies and enterprises that have passed the pre-feasibility study called Yeta within 5 years. On the other hand, Yeta appears as a system created by the ministry to examine the policy and economic feasibility of new research and development projects in the field of Blockchain technology.
Blockchain Based Data Economy
Science and ICT Ministry and the Institute for the Promotion of Information and Communication Technology (IITP) in the above-mentioned project launched in November 2019. The aim of the project was to secure the blockchain technology necessary to prepare the country's "transition to data economy". In the report prepared on the subject, from 2021 until 2025 was expressed to 475.1 billion won will have to be transferred to the project. In addition, statements made in the project; technology development, commercialization, will address four different areas, including support to local industry through massive public acceptance and demonstration programs also stated.
In addition, experts and industry leaders in Korea believe it is the "golden time" for the country to start investing in Blockchain technology. As the market is still relatively young, they say that investments in this area will not be wasted for Korea to show itself in a competitive environment.
On the other hand, the South Korean government said about a month ago that Blockchain technology is a golden opportunity for the country. Therefore, the ministry seems likely to approve the major investment of blockchain technology.
