South Korea to Devote Over $200 Mln to Develop Blockchain

July 2, 2018

The Ministry of Science and ICT of South Korea has released a document that describes the strategy for further development of blockchain industry in the country. About 23 billion won are reported to be allocated for the program which is primarily aimed at increasing competitive performance of the country at the global blockchain stage.

The project will be provided with financial assistance until 2022. By this time the authorities plan to educate over 10,000 experts to establish over 100 companies with the view to promote and develop blockchain.

According to this program, from the next year on the ministry will provide assistance to six pilot blockchain projects aimed at resolving problems in the following branches:

  • Electronic document distributions between countries
  • Marine logistics
  • Easy real estate
  • Online voting
  • Personal customs clearance
  • Management of livestock records

The authorities also declared their intentions to develop BaaS (“Blockchain-as-a-Service”) sector. To support companies involved in such projects the ministry will allocate 10 BaaS-vouchers that provide annual state payments to small and medium business.

In addition, the ministry has reported about establishing research groups on blockchain with improving lame legislation for crypto technologies as their main objective. The top priority issue in preparing renewed regulations will become setting distinctions between standard legal contracts and smart ones.

Remember that in May this year South Korea’s National Assembly has come forth with recommendations to partially allow ICOs in the country.

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