Seoul to allocate $880 million for blockchain and other innovations

Posted 16 August, 2018

Seoul expressed intentions to finance development of blockchain-like innovations in 2019. Investments are likely to exceed $880 million.

On August 13, the deputy prime minister held a ministerial meeting to determine Seoul's 5-year investment plan for innovations as well as to discuss the ways to boost the implementation and development of the innovative technologies in the country. This path is believed to provide a strong foundation for the development of good platform economy.

The official report reads:

"We will draw up a 5-year plan for the four projects, which will clearly show our mid-term goals and will help other industries related develop. With regard to budgets, we will spend a total of 5 trillion won in 2019 on the platform economy and the 8 pilot projects, an increase of more than 2 trillion won compared with 2018. Over the next five years, a total of 9-10 trillion won will be invested in the platform economy, 1.5 trillion won being spent next year. The 2019 budget for the 8 pilot projects will be 3.5 trillion won, a 62 per cent increase from 2018, and we will also draw up a five-year plan for the 8 pilot projects as soon as possible."

The Ministry has defined four projects for financing, including the creation of big data and AI, further integration of blockchain to provide safe data management. Other two projects cover "hydrogen fuel cell supply chain and education program...for the qualified workforce".

It is worth mentioning that earlier South Korea's Ministry of Information and Communication Technologies announced $9 million funding for blockchain companies in 2019. 

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16 August, 2018 14:25

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