Ministry of Science and ICT of South Korea has revealed a Blockchain Technology Development Strategy on June 21st estimating a total of 230 billion Won (over of $200M USD) for the development of blockchain-based technology in South Korea.
The Government announced that it plans to finish the fundraising by 2022. This is an attempt to further the development and advancement of blockchain-based technology, the Korean government plans to train over 10,000 industry professionals and 100 blockchain companies.
Furthermore, the South Korean plans are to target the investments into various sectors. The aim is to bolster the country’s competitive advantage in blockchain technology. The streamlined program is to target the following areas;
1. Pushing Pilot Projects
From next year, the ministry plans to stretch the scale and to further the support for six blockchain pilot projects. They are spread across different fields, highlighting the cross-industry benefits of blockchain technology. The projects highlights on the following:
- Electronic document distributions between countries
- Marine logistics
- Easy real estate
- Online voting
- Personal customs clearance
- Management of livestock records
2. Blockchain as a Service (BaaS)
South Korea’s ministry has also recently announced its agenda to support the development of BaaS. Their main objective is to assist companies, which specialized in the development of blockchain technologies. In order achieve this, the ministry will provide roughly around 10 BaaS purchase vouchers that ensures government payments to small and medium-sized enterprises (SMEs) on a yearly basis.
3. A Drive for Legislative Clarity
The announcement also pinpointed the fact that the ministry will be collaborating with research teams. They will work to buttress the currently existing laws, which are currently withstanding the widespread adoption of blockchain technology in the country.
Team will work on clearing the legislative differences between conventional legal contracts and the emerging smart contracts based on blockchain technology are to be prioritized. The announcement also stated to potential tax benefits for developers of blockchain technology developers.
This is a breath of fresh air for the local cryptocurrency field, as the country is seemingly loosening its hostility and putting up a rather friendly environment. Blockchain-based applications are becoming an integral part of the IT landscape in the country. Furthermore, back in May, South Korea’s National Assembly recommended legally allowing ICOs under specific conditions, which established some protections for investors.
What’s your take? Do you South Korea is making the right move to foster blockchain development? Don’t hesitate to let us know in the comments section below!.