South Korean Gov’t to Invest $200 Mln in Blockchain Initiatives

South Korean Gov’t to Invest $200 Mln in Blockchain Initiatives
ôîòî ïîêàçàíî ñ : cryptoslate.com

2018-6-23 15:00

Despite recent exchange hacks, the blockchain industry continues to thrive in countries worldwide. On June 21, 2018, the South Korean government announced intent to invest over $200 million into blockchain initiatives by 2022.

Cryptocurrency Wanes, Blockchain Thrives

On June 21, the South Korean Ministry of Sciences and ICT announced their “Block Chain Technology Development Strategy” – divulging plans to invest over 230 billion KRW (~207M USD) into public and private blockchain projects.

Founded in 2013, The Ministry of Science and ICT was formed to support and manage scientific research and development.

The Ministry revealed plans to use the allocated funds to enhance South Korea’s competitive advantage in the future of blockchain integration across applicable industries.

The Initiative will hire 10,000 professionals to foster the development of 100 enterprises and create a blockchain-powered ecosystem for public and private sector services.

Already underway, the Ministry is currently working on six blockchain pilot projects to provide solutions in the public sector:

“… we promoted 6 block-chain pilot projects and expanded the number of tasks from 19 to support commercialization through multi-year support. Livestock products management, personal clearance, easy real estate transactions, online voting, cross-country electronic document distribution, shipping logistics.”

Starting next year, the Ministry plans to begin commercialization and expansion of these initial projects along with several new services, such as a Blockchain as a Service (BaaS) platform built to enable testing and quick integration of blockchain solutions to small and medium-sized enterprises (SMEs)

The Initiative will also work in conjunction with lawmakers to prevent legal obstructions in blockchain advancement:

The ‘Block Chain Regulation Improvement Study Group’ will be operated in order to preemptively respond to regulations and systems that hamper the introduction of blockchain technology and services .

Stated in the official announcement, the ultimate goal of South Korea’s bold government-sanctioned initiative is to create a society that can depend on the power of decentralized technology to improve daily life:

“This blockchain technology development strategy will contribute to innovating the domestic industry and creating a digital trust society.”

Related Article: Bithumb Hacked for $31.5 Million, Withdrawals and Deposits Frozen

Despite recent exchange hacks at both Bithumb and Coinrail earlier this June, South Korea continues along an industry-forward path of blockchain integration – indicating rapid growth in the industry and long-term plans to see blockchain as a basis for society.

The post South Korean Gov’t to Invest $200 Mln in Blockchain Initiatives appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

High Performance Blockchain (HPB) íà Currencies.ru

$ 0.0100291 (+7.61%)
Îáúåì 24H $25.057k
Èçìåíåèÿ 24h: 5.20 %, 7d: 30.40 %
Cåãîäíÿ L: $0.0090557 - H: $0.0100291
Êàïèòàëèçàöèÿ $732.823k Rank 1812
Äîñòóïíî / Âñåãî 73.07m HPB

blockchain south korean initiatives invest 200 announced

Èñòî÷íèê: cryptoslate.com

blockchain south → Ðåçóëüòàòîâ: 30


South Carolina’s Senate Passes Resolution to Promote Blockchain Tech Adoption

The solutions around blockchain tech are gradually being considered by stakeholders such as legislators looking to create a sustainable ecosystem for digital assets. It is, therefore, no surprise that South Carolina has passed a bill named ‘A Senate Resolution To Acknowledge The Importance Of Emerging Blockchain Technology And To Call Upon The Residents Of South […]

2020-3-14 22:56


South Korean’s MSICT Offers Help to Crypto Companies For Accelerating Blockchain Adoption

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 […]

2018-9-22 18:00


Ôîòî:

Korean Government to Lead 6 Blockchain Pilots With $9 Million Finance

The South Korean government will invest 10 billion Korean won (or $9 million) to support blockchain development in the country, with plans to carry out six pilots using blockchain technology. According to a report from CoinDesk Korea, the country’s Ministry of Science and ICT published a blockchain development strategy on Thursday. The agency said the government plans to

2018-6-22 11:53


Ôîòî:

South Indian State of Kerala Uses Blockchian Technology in Food Supply and Distribution

The government of the South Indian state of Kerala will use blockchain for food supply and distribution, local news outlet Business Standard reported June 17. Chairman of K-DISC, KM Abraham, told Business Standard that each component of the supply network would have a separate ID number, through which its source, production, quality, and distribution could

2018-6-19 23:19


Korean Banks to Use Samsung SDS Blockchain in imitation of Verify Customer IDs beside July

A South Korean commercial banks group will initiate a blockchain-powered customer ID verification platform in July 2018, as per the reports on June 12. Reportedly, the Korea Federation of Banks (KFB) will launch their “BankSign” identity verification system to be made use of in both online computer-based and mobile banking. According to the report, development […]

2018-6-15 19:26


Korea University and Huobi Subsidiary announced partnership

In the name of “industry-academia” cooperation in the field of blockchain development, Korea University is reportedly teaming up with the South Korean subsidiary of crypto exchange Huobi. Huobi was originally founded in Beijing in 2013, though it is now headquartered in Singapore, with branches in the US, Japan, Hong Kong, and China. The new South […]

2018-6-14 13:08


Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Kraken’s CF Benchmarks hits 50% dominance on crypto ETF market

Kraken’s CF Benchmarks achieves dominance in the crypto ETF market with $24 billion in reference data, gears up for expansion amid unprecedented demand surge. CF Benchmarks, a branch of the cryptocurrency exchange Kraken, is making big gains from this year’s…

Crypto Crackdown In South Korea: New Unit To Hunt Down Criminals

South Korea, a nation long enamored with cryptocurrency, is tightening its belt on the digital asset frontier. Faced with a surge in crypto-related crimes, the country is bolstering law enforcement and implementing its first-ever comprehensive crypto regulation, set to take effect in July 2024.

Regulatory Drama: Why Crypto.com Postponed Its Big Move Into Korea Days Before Launch

Crypto.com, a global crypto exchange, recently postponed its much-anticipated retail market expansion in South Korea, originally scheduled for April 29. This strategic decision came just six days before the planned launch, and according to the report, this delay is due to the company’s need for more comprehensive engagement with local regulatory bodies. Related Reading: South Korean […]