$ 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.

The-landscape-1950544_1280

Image source:

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Using data to review 2019 of decentralized exchanges

Author: Alethio Translation: A Jian Source: consensys Translation source: Ethereum lovers Monero’s Community Crowdfun...

Blockchain

A picture to understand the difference between Bakkt's bitcoin futures and "traditional" futures

According to the delivery method, futures contracts are usually divided into cash delivery and physical delivery. At ...

Blockchain

6 pictures tell you about the development status of the Asian cryptocurrency market

Author: cryptanalysis CoinGecko company co-founder Bobby Ong translation: block rhythm BlockBeats-HQ Recently, at the...

Blockchain

Lose user trust? "Black Thursday" has reduced BitMEX bitcoin holdings by nearly 40%

This article Source: Cointelegraph Chinese , Author: MICHAEL KAPILKOV, the original title "from the black since ...

Blockchain

FTX on the Brink of Bankruptcy: Decisions Await!

Fashionista, get the scoop on FTX's post-bankruptcy plans as they weigh options for a potential sale or partnership.

Blockchain

Data report: Which exchanges are the most used in currency, fire, and OKEx?

(Image courtesy of 2Bitcoins.ru ) The Blockchain Transparency Institute (BTI) recently released a market monitoring r...