South Korea invests 200 Mio USD into Blockchain

According to South Korean sources, the plan is to streamline the investments into several fields, with an overal aim to increase the country’s competitive edge in blockchain technology. The different fields include six blockchain pilot projects, focussing on the following: Online voting, easy real estate, electronic document distributions between countries, marine logistics and personal customs clearance.

Besides the above projects, the country also plans to support private blockchain initiatives that improve smart city and smart factory projects. Great examples are blockchain-based safe school food distribution initiatives and blockchain systems for the used car Industry. After a series of strict regulations South Korea is now setting a rather friendly environment around blockchain and cryptocurrency, which will lead to faster developments and hopefully will also speed up further adoption.

(CF ed./agencies)


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