South Korea Will Allocate About $360 Million for the Development of Blockchain in the Country

The Ministry of science and the Ministry of information and communication technology of South Korea prepare for running a pilot program for blockchain development in the country.

South Korea Allocates $360 mln for Blockchain Development

Within “Blockchain Technology Validation Support 2020” they plan to select 9 projects, working with blockchain, that will receive ₩ 450 mln (South Korean won) — about 360 000 USD. Organizers of the program has informed that startup will be selected according to the next criteria:

  1. Results of their current activity;
  2. Future technical feasibility of their concept;
  3. Viability of the proposed technology;
  4. Further development plan;
  5. Scope of tasks to be completed.

Besides, ministers have specified that for participation in the projects companies must offer such services, which demand blockchain usage and will carry economic and social value. It is known that among the startups selected to participate in the program, 5 companies have already filed applications for registration of a patent, 9 — for registration of copyright, and 2 held an investment round.

“South Korea intends to assist local startups to create business-models, operating on blockchain, Internet of Things (IoT), artificial intelligence (AI) and large data. We have to develop in this sphere very swiftly, till blockchain market is young”, — Minister of science and technology Park Yoon-kyu said.

South Korea not only introduces blockchain into various fields of activity, but also sets the stage for cryptocurrency companies in the country. Early this month the parliament of South Korea passed the bill about cryptocurrency regulation.

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