This Friday the South Korean Ministry of Science and Information Communications Technology (MSICT) promised support to facilitate the growth of the domestic blockchain industry.
Min Won-ki, the Minister of Science held a meeting with blockchain startups as part of the government’s effort to establish contact with organizations in what it has dubbed the 10 key ICT sectors of the Fourth Industrial Revolution.
The gathering was held to discuss blockchain pilot projects launched by the government in order to bolster the blockchain market and improve public services with the investment of $3.7 million. Participants evaluated the deployment of blockchain technology in customs clearance, livestock provenance, and property transactions.
The minister commented:
“Considering the fact that there is no significant blockchain technology gap between South Korea and the other countries, it is a good opportunity for South Korea to lead the industry. The government will actively back domestic companies to help them lead the global blockchain market.”
The meeting highlighted the necessity to form a cloud-based blockchain environment, grant support for research and development in the private sector, and build a strong competing ecosystem between domestic and foreign blockchain developers.
Although the South Korean government has outlawed all types of Initial Coin Offerings(ICOs) and has not formed a relevant policy since the country is known for its proactive approach to blockchain adoption.
Earlier this month, a partnership initiated by the MSICT began a 6-month training course to turn 42 applicants into blockchain specialists, intending to increase the availability of skilled professionals in South Korea’s flourishing blockchain economy.