Korean Government Invests 230 Billion Won in Blockchain DLT Industry

Korean Government Invests 230 Won in Blockchain Sector

Perhaps one of the most blockchain-friendliest states is South Korea. The country’s Ministry of Science and ITC announced a blockchain technology development strategy at the end of June where the government will invest about $207 million to enhance the development of ledger technology.

The purpose of the investment is to enhance the country’s competitive advantage in the blockchain industry so that it is on pace with the United States market. At this point, it’s edge over the U.S. market is lacking.

There are six blockchain pilot projects in the works, such as online voting, real estate, personal customs clearance, electronic document distributions between countries, and management of livestock records and marine logistics.

The initiative also focuses on Blockchain as a Service (BaaS). This type of system may be helpful for businesses that specialized in the development of blockchain. Those who are interested in BaaS services may be able to purchase vouches to SMEs to guarantee government payments. There will only be 10 vouchers available per year.

The country is also organizing research teams to enhance the legal structure and to prevent restrictions over blockchain’s development. With such a large cryptocurrency market – perhaps one of the largest in the world – these moves may work to turn blockchain into a system that continues to provide benefits for its users. However, on the other hand, the market may be limited by issues such as government crackdowns, hack reports, investigations, and the like. Each of these may stifle the growth of blockchain.

There may also be changes to the laws that restrict the technology. The country is also planning on defining ubiquitous terms such as “contracts” and “smart contracts.” Those who participate in the development of blockchain technology may receive tax benefits from the government as well.

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