$ 383 million! The Korean government will provide huge incentive funds for blockchain development

The South Korean government will provide $383 million worth of funds for Seoul's blockchain research awards program over the next six years.


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According to a report from ZDNet Korea, the Ministry of Science and Information and Communication Technology of Korea plans to use the funds to develop the original blockchain technology, and the government will take the lead in creating a “data-driven economy” driven by blockchain.

The analysis believes that the Korean government is keen to develop projects that include improving the reliability of smart contracts, enhancing interoperability across cross-blockchain platforms, and developing consensus algorithms that help address performance, stability, and scalability issues.

It is believed that the Seoul authorities also prefer open source blockchain technology.

The same media report quoted a government official who was “familiar with the project” and asked not to be named,

“We need to overcome data trust issues to activate a data-driven economy. Blockchain technology can help build the trust foundation for data sharing.”

The official also said that this new fund is not trying to make South Korea "the world's leading blockchain country", but a real, consistent effort to improve Korea's economic development.

Readers may recall that earlier this week, Japanese researchers claimed that China is currently leading the global blockchain patent registration competition, while Korean companies and government agencies followed, registered 1,150 during 2009-1018. Application.

In addition, it is reported that the blockchain industry in South Korea is facing tough problems, and only 20% of domestic blockchain-related companies in Korea have developed what they can really sell.