The Ministry of Science and ICT of South Korea announced its blockchain technology development strategy on June 21. The government aims to provide 230 billion won (~$207 million) for boosting development of distributed ledger technology in the country.

The funds will be raised by 2022 and will be used to help over 100 companies and 10,000 industry professionals, which could strengthen the blockchain initiative.

The Ministry intends to improve Korea’s competitive advantage in blockchain technology to match pace with the U.S. The country’s edge over the U.S. is still lagging, forming only 76.4% of the U.S. rating.

This shows that Korean blockchain technology is at least two to four years behind that of the U.S. The Ministry wants to take this figure to at least 90% in the next few years.

They are working on six blockchain pilot projects, namely: online voting, real estate, personal customs clearance, electronic document distributions between countries, management of livestock records and marine logistics. Starting next year, the scope and scale of these projects will be improved, and their services could be commercialized.

The new initiative will also focus on Blockchain as a Service (BaaS), which could be helpful to businesses that specialize in blockchain development. Later, the government will also provide BaaS purchase vouchers to SMEs in the country that guarantee government payments. Ten such vouchers will be distributed every year.

Furthermore, research teams will be organized to help improve legal structure that does not restrict the development of blockchain businesses in the country. South Korea is one of the largest cryptocurrency markets in the world. However, recent crackdowns by the government, frequent hack reports, and investigations into the role of digital currency exchanges could hinder the growth of its blockchain.

The government will, therefore, provide additional support to these businesses. Changes to the laws that could confront this technology or restrict its growth will be made. Legal differences between traditional contracts and smart contracts will also be defined. Developers of blockchain technology could also get tax benefits from the government.

A 230 Billion Won Government Pump Awaits Korean Blockchain Sector was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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