South Korea to Allocate $880 Million for Blockchain

August 17, 2018

South Korea media report, the country’s government plans investing $880 million in 2019 to boost innovational technologies including blockchain.

According to press release, ministerial meeting was held on August 13 with agenda including investment plan for the innovational technologies sector for the next five years.

This time the budget for technological development including blockchain, global data and artificial intelligence is 80% larger than last year. Along with that more than 8.5 billion USD are planned to be invested in this sector.

The press release said, the purpose of investments is in focusing on improving global data, smart machines and blockchain technology. This provides security for data management process and facilitates sharing economy.

The amount of investments for each of the above mentioned sectors was not specified.

South Korean Ministry of ICT used to report earlier that next year is will invest 9 million in blockchain startups, while early summer together with other state agencies it was developing six trial programs to integrate blockchain in large state institutions.

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