South Korea has yet again showcased its support for the blockchain technology when the Ministry of Science and Technology announced an investment of about USD 400 million (KRW 450 billion) dedicated to blockchain development in 2021. As per a local news website, the investment will be carried out over a span of six years. For now, through this investment, the government is concentrating on smart contracts, scalability, consensus algorithms, and interoperability.
Soon after China announced the investment of USD 2 billion in blockchain technology, South Korea followed the lead to explore the potential of blockchain and to re-invigorate the data economy. The report as translated, stated:
The goal of this new blockchain technology development project is to secure the core technology of blockchain that is the foundation of the data economy.
Last month, the South Korean government announced support projects to develop the industry. The Korea Internet & Security Agency (KISA) also announced the investments of USD 9 million in blockchain ventures. In 2018, the government announced a strategy to re-invigorate the value chain of data collection and distribution to fill the lack of trust pertaining to the consumers, government, and corporations.
A government official familiar with the project stated, “The data trust problem must be solved in order for the data economy to become active. A blockchain can create a trust base for data sharing.”
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