South Korea Ministry Makes $382 Million Investment into Research and Development of Blockchain

The Ministry of Science and Technology in South Korea is planning to put 450 billion Won, which is about $382 million, in blockchain development and research.

The investment would take place over a 6 years period of time, starting in 2021 and ending in 2026, the ZDNet Korea has reported on Thursday. As some government officials have said, the initiative’s goal is to build up the foundation for a blockchain-based data economy.

Many Blockchain Areas to be Researched

The government wants to solve the data trust problem for the data economy to become active. This can be done through a blockchain, a government official has said. The blockchain areas to be researched include interoperability among blockchains, smart contract reliability, consensus algorithms, and scalability.

It isn’t the first time that South Korea announces a blockchain initiative. Only recently, the Korea Internet Security Agency has said that it’s going to support any blockchain-based project in the year that’s coming, with a fund of 10.5 billion Won, which is approximately $9 million.

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