South Korean Government to Invest $880 Million in Tech, Including Blockchain

South Korean Government to Invest $880 Million in Tech, Including Blockchain

South Korean government plans to invest over $880 million in 2019 to boost the development of new technologies, including blockchain.

Kim Dong Yeon, deputy prime minister of South Korea, hosted a ministerial meeting on August 13 to address the administration’s proposed investment plan for innovation growth in the country in next 5 years, according to a government press release on Tuesday, August 14.

Data disclosed on the official website of the Ministry of Economy and Finance shows that the administration is going to allocate about $880 million or 1 trillion won in next year – a growth of almost 80% compared to the budget in 2018 – for innovative technologies like artificial intelligence, blockchain, and big data. Furthermore, the government said it is ready to invest almost $8-9 billion in the same field over the coming five years.

According to the statement, the main aim is to promote innovative technologies like big data and AI, develop potential applications of blockchain technology to ensure data management security, as well as boost sharing economy.

However, the high-investment plan doesn’t provide a breakdown for how this $880 million fund will be allocated across different areas.

The investment plan follows indications from the Ministry of ICT that it will invest $9 million in blockchain startups. In June, the Ministry of ICT said it is working with other government-run agencies to develop 6 pilot programs that will adopt blockchain technology to improve major public services.

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