South Korea follows in China’s footsteps by pledging blockchain investments

As China goes ahead full-throttle on blockchain investments, South Korea too is jumping on the bandwagon as the country has announced significant investments in the domain by next year.

South Korea has been a significant exponent of blockchain technology given the size of investments dedicated to its advancements by multiple sectors, including technology giants, banks, and government entities. However, the Chinese President Xi Jinping’s push for greater urgency in the development of this fledgling technology has compelled other nations to step up their efforts in research and bolster innovation capacity. And South Korea isn’t an exception.

South Korea announces grand-scale blockchain investments for next year

On 28th October 2019, Fn News reported that the country’s government would invest close to thirteen million US dollars ($12.8 million) by 2020 to boost blockchain applications in both public and private sectors, and encourage new ventures and start-ups in the field.

Out of thirteen million, over eight million US dollars ($8.6 million) will be used by the Korea Internet and Security Agency (KISA) to develop services and products for the utilization of public and private sector entities, reports the ministry.

Moreover, KISA will also focus on backing and promoting a multi-year blockchain project that is capable of generating institutional interests in the space.

Over three million US dollars ($3.4 million) will be handed over to the state-run National IT Industry Promotion Agency (NIPA), that currently offers free blockchain training sessions in the region. Following the capital injection, NIIPA is expected to introduce a wide range of blockchain-related courses, including beginner level and specialist courses, that will cater to the needs of the country’s young developers, entrepreneurs and technology enthusiasts.

Will offer support to budding entrepreneurs and businesses

The ministry confirms that NIIPA will oversee the cultivation of specialized blockchain companies and fostering experts and offer any additional technical support when needed. The dedicated funding will also be used to provide around three hundred and forty thousand US dollars ($342,000) of financial support to emerging blockchain start-ups that show some real potential.

Meanwhile, the agencies will closely work with governments for regulatory support as several private sector companies in the region have urged the government to embrace a pro-blockchain stance over the years. And although Seoul largely advocates the use of private blockchain, public blockchain and cryptocurrencies are far from being accepted.