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South Korean Gov’t to Invest Over $230 Billion Won in Public, Private Blockchain Initiatives

South Korea’s Ministry of Science and ICT has announced a major Blockchain Technology Development Strategy that aims to raise 230 bln won (~$207 mln) by 2022, The News Asia reports today, June 21.

According to the Ministry’s official announcement, the new initiative will foster 10,000 blockchain industry professionals and 100 companies, and will expand and commercialize six existing blockchain pilots with the Ministry’s backing.

These pilots aim to leverage blockchain technology for real estate, online voting, shipping logistics, livestock record management, customs clearance, real estate, and international e-document distribution.

The Ministry’s press release also gives examples of private blockchain initiatives it plans to promote, including “smart city” and “smart factory” projects, a blockchain system for the used car industry, and a blockchain-based “safe school food” distribution initiative.

In addition, the Korean government will back the development of BaaS (Blockchain-as-a-Service), to allow small and medium-sized enterprises to implement blockchain solutions efficiently.

Funds will further be allocated to blockchain research projects, infrastructure development, a blockchain technical support center and sandbox, as well as to reviewing legal issues specific to smart contracts.

Despite the recent news of the government crackdowns on cryptocurrency exchanges, its support toward the development of the blockchain industry is rapidly growing.

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