South Korean Government Sets $35 Million Budget in Efforts to Continue Blockchain Progression

$35 Million Budget Promised by South Korean Government in Efforts to Continue Progression in Blockchain Industry

Blockchain technology has afforded many industries and economies the ability to track information in a reliable and trustworthy way over the last few years. South Korea has been among the greatest advocates, and they have been working to progress the industry in their own jurisdiction. In a recent report with Korea Economic Daily on November 8th, the country’s government has decided to add a $35 million budget in 2019 to allow them to continue their progress on the development of blockchain technology.

A meeting was held on the DLT and blockchain technology between the South Korean government, the Ministry of Science and ICT, the Ministry of Information and Communication, the Democratic Party of Korea, and others. At the meeting, the budget was increase three times over what it was this year, based on the decision of the ministries.

In 2018 alone, the Ministry of Science and ICT was the recipient of 72 blockchain project applications. The applications came from 41 separate institutions, though the ministry ultimately only chose six projects to bring to the public sector. Based on the projected progression, the ministry is hoping to double the amount of public sector project approvals, adding in up to four “private-led” blockchain projects as well.

The second-vice minister of this ministry commented that “everyone agrees that the blockchain is a technology [that will] change the future.” He added,

“We basically need to grow in the market […] We will also need institutional and legislative support from the National Assembly [Korean parliament]. I look forward […] for the development of the blockchain industry in Korea.”

An annoucement was made in September by the Korea Internet and Security Agency (KISA), noting that the government has budgeted about $9 million towards dispersing blockchain projects in public and private sectors. KISA is a sub-organization of the South Korean Ministry of Science and ICT.

The technical, authentication, and consulting services for the new blockchain startups of 2019 will be assigned to Ministry of Information and Communication, based on the Korea Economic Daily report.

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