South Korea plans to raise more than 200 million dollars for Blockchain projects

South Korea has announced the launch of an important Blockchain Technology Development strategy that aims to raise 230 billion won (approximately 207 million dollars) by 2022.

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According to the statement, the new initiative will promote the development of 10,000 professionals in the blockchain industry along with 100 companies, in addition to expanding and commercializing six existing pilot concepts with the support of the Ministry.

These concepts supported by the Ministry point to the advantage of blockchain technology in fields such as real estate, online electoral scrutiny, shipping logistics, livestock records management, customs clearance, real estate and international distribution of electronic documents.

The Ministry's announcement also speaks and gives examples of some projects based on chain blocks that could be encouraged in the future. For example, a blockchain system for the second-hand car industry and an initiative to distribute "safe school meals", including "smart cities and factories" projects.

In addition, the Korean government will support the development of the BaaS (Blockchain-as-a-Service) system, to enable small and medium enterprises to implement blockchain solutions efficiently. This will give small companies the opportunity to enter the industry without having to compare themselves with companies like MasterCard or Goldman Sachs.

According to CoinTelegraph, the capital raised will be used to finance blockchain research projects; such as infrastructure development, a blockchain and sandbox technical support center, as well as the review of specific legal issues for smart contracts.

Although news of the ecosystem in South Korea has lately focused on reports of the $ 30 million theft of Bithumb, the country's largest cryptocurrency exchange, the broader developments in the crypto and blockchain industry this spring have been more positive than expected.

In May of this year, the central bank of Korea began to explore the idea of ​​using blockchain with the aim of carrying out a project that has as concept a "cashless society" by 2020.

That same month, the government revealed a positive reorientation for the national crypto and blockchain legislation, suggesting that it plans to re-legalize the Initial Coin Offers (ICO), which had been banned in September of last year.

On June 20, the president of Netmarble, one of the largest video game companies in South Korea, which has a market capitalization of 12.86 trillion won (about 11.59 million dollars), said he believes that blockchain technology "It will apply to all industries in the future."

As we have seen throughout this week, there are many people and companies from both public and private sectors that support the development of technology because of the advantages it offers. As we have said before, being against Bitcoin does not mean being against blockchain.

Source: CoinTelegraph