South Korea Invests $ 880 Million For Development Of Innovative Technologies, Including Blockchain

The South Korean government is making and investment more than $ 880 million next year to promote the growth of innovative technologies, among them the blockchain system.

Pursuant to a government announcement done on Tuesday, August 13th, Deputy Prime Minister Kim Don Yong held a formal buisness conference to analize the goverment’s investment project for the growth of innovation in the following five years.

The information issued on the website of the Ministry of Economy and Finance reveals that the government plans to distribute 1 trillion won (about $ 880 million) in 2019, that is 80 percent more in comparison to 2018 for technologies, including blockchain and AI. Besides it, the agency said that within the limits of the next five years, it will invest in the same areas a total of 8-9 billion dollars.

The main objective is to pay attention and to centralize on stimulating AI, developing a blockchain technology to guarantee the safety of data processing and management.

The budgeting project ensures the last instructions of the Ministry of Information and Communication Technologies that in 2019 it will distribute $ 9 million for blockchain start-ups. It is posted that the Ministry of ICT is operating with foreign governmental agencies to create six pilot programs that will bring a blockchain into larger public services.

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