{"id":76533,"date":"2018-08-18T00:00:35","date_gmt":"2018-08-18T07:00:35","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=76533"},"modified":"2018-09-09T19:21:42","modified_gmt":"2018-09-10T02:21:42","slug":"south-korea-invests-4-4-billion-in-blockchain-technology","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/south-korea-invests-4-4-billion-in-blockchain-technology\/","title":{"rendered":"South Korea Invests $4.4 Billion in Blockchain Technology"},"content":{"rendered":"

Despite showing reluctance toward cryptocurrencies, the South Korean government revealed its intention to “nurture” eight growing sectors of the domestic economy\u2013including blockchain technology.<\/p>\n

Korea's Blockchain Push<\/h2>\n

On Aug. 13, local news outlet\u00a0Yonhap<\/a> reported that South Korea set aside $4.4 billion (5 trillion won) to invest in distributed ledger systems and explore various administrative frameworks for the technology.<\/p>\n

The move was vetted by Korea's finance ministry, according to an official press release<\/a>, with the government agreeing to increase tech-focused budget allocations to new-age technologies (such as IoT, AI and blockchain) by more than 65 percent compared to 2017.<\/p>\n

The press release also revealed the investments would help facilitate the country's tech economy in addition to speeding up innovation and growth. Finance Minister Kim Dong-yeon, meanwhile, expects to increase this budget to $8.8 million in the next five years, indicating the country's firm initiate.<\/p>\n

Korea intends to train and employ 10,000 \u201cspecialists\u201d from the eight aforementioned technologies until 2023, allocating $53 million to this effort.<\/p>\n

The project, entitled \u201cGrowth through Innovation,” details a plan to set up a big data platform using AI and blockchain technology to ensure data management security and boosting the \u201csharing economy.\u201d<\/p>\n

Blockchain Surprises Coming Up?<\/h2>\n

The press release also hints at promoting digital trade platforms for exporters, and given Australian<\/a>, Singaporean and Chinese<\/a> experiments with blockchain-based logistics, Korea may be primed to follow its peers' footsteps.<\/p>\n

For example, Korea has allocated $68 million to the development of smart cities, indicating additional blockchain and IoT implementation.<\/p>\n

South Korea\u2019s interest in blockchain technology is in line with major economies around the world\u2013whole-heartedly embracing the blockchain while rejecting a widespread application of the distributed technology, cryptocurrency.<\/p>\n","protected":false},"excerpt":{"rendered":"

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Korea’s Blockchain Push On Aug. 13, local news outlet\u00a0Yonhap reported that South Korea set aside $4.4 billion (5 trillion won) to invest in distributed ledger systems and explore various administrative frameworks for […]<\/p>\n","protected":false},"author":65,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,37],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nSouth Korea Invests $4.4 Billion in Blockchain Technology<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/south-korea-invests-4-4-billion-in-blockchain-technology\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea Invests $4.4 Billion in Blockchain Technology\" \/>\n<meta property=\"og:description\" content=\"Despite showing reluctance toward cryptocurrencies, the South Korean government revealed its intention to “nurture” eight growing sectors of the domestic economy\u2013including blockchain technology. 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