5 Trillion Won To Be Invested In Blockchain Tech In South Korea During 2019
The government of South Korea has just earmarked about 5 trillion won, which is approximately $4.4 billion budget towards its project on the growth of innovation investment program in the eight critical sectors within the country. This was done with a particular focus on the AI and blockchain technology.
On Monday there was a meeting that was held in Seoul with Kim Dong-yeon South Korea finance minister where he went ahead to confirm the plans of the 5 trillion-won investment.
The government is geared towards innovative developments; it will be geared towards the 2019 innovation program, which has led to about a 65 percent increase from the minister's budgetary spend. It is clear that the South Korean government is keen on developing the current infrastructure.
Having there marked focus on the blockchain technology, artificial intelligence and the big data in the market. The Finance minister went ahead to say that the measures that are being put in place will significantly help in facilitating the platform economy, and in turn, this should be able to speed up the innovative growth taking place in the country.
From the ministries website the various areas of blockchain technology, AI, sharing economy and big data has been able to see an investment of about 579.9 billion won, which is $511 million in just 2018. In 2019 it has been revealed by the minister that the investment has gone up to about 1,040 billion won, which is about $918 million for the various sectors in the country, it is a near 80 percent increase in the investment.
When it comes to building a big data platform the government will mainly focus on promoting AI and big data and also going ahead to develop in the blockchain technology. It is to ensure that there is proper data management boosting and security within the sharing economy.
There Is More The Government Will Invest In
The government will not stop here as they will also separately be allocating a budgetary spend that will be of about 60 billion won which is approximately $53 million that will be used for nurturing the 10,000 specialists in the eight promising sectors. This is not all as it will be aided with a 30 trillion won which is approximately $26 million investment that is done by the state-led companies, according to the ministry.
These developments in the country have come at a time when the country’s ministry that is dealing with ICT and science has started actively promoting the education of the blockchain technology among the youth of Korea.
Furthermore, the Jeju Island in the country has been able to outline a proposal that has been sent to the central government. The proposal will help to outline their intention in becoming an exclusive zone for the cryptocurrency and blockchain technology startups and the established firms. The ICOs will also be permitted within the provinces despite the fact that they have been banned from the mainland.