South Korean government will provide 383 million US dollars to promote blockchain technology development

According to Cryptonews, the South Korean government will provide $383 million in funding for the Seoul-led blockchain research incentive program over the next six years. According to a report by ZDNet Korea, the Ministry of Science, Technology and Information Technology (MSIT) plans to use the funds to develop blockchain technology, and the government will take the lead in creating a “data-driven economy” driven by blockchain. It is reported that the Korean government is keen to improve the reliability of smart contracts, enhance interoperability of cross-chain platforms, develop consensus algorithms and other related projects to help overcome performance, stability and scalability issues. According to reports, the Korean government also supports open source blockchain technology. An informed government official who asked not to be named said: "In order to activate the data-driven economy, we need to overcome the problem of data trust. Blockchain technology can help create a trust foundation for data sharing." The official also said that the capital investment It is not to make South Korea "the world's leading blockchain country", but to improve the economic development of South Korea.