South Korea is set to invest 1 trillion Won (app. USD 880 million) in innovative technologies which include blockchain, big data, and artificial intelligence.
This was made known to the public, through a government publication after its meeting in the capital city Seoul the previous day. Remarkably, the latest USD 880 million investment is an 80 percent increase in its investment in the innovative technologies sector compared to its investment in 2018.
The ICT sector has been projected to get a long-term investment of USD 5 billion in the next five years. This investment is to ensure the promotion of big data, artificial intelligence, and data management security through well-designed blockchain technology.
More Budgetary Allocation
The massive investment in the sector follows the country’s ministry of science and information communication technology, encouraged its youths to engage in blockchain education. The initiative aims to educate and groom 10,000 blockchain experts by 2022.
Korea’s ICT ministry has pledged to work alongside other government agencies, to ensure blockchain technology advancement in the public sector. This synergy with other government agencies is to promote efficiency in the sharing of information in the public sector, thereby leading to a state of the art networking.
In collaboration with the Ministry of Agriculture, the ICT department hopes to develop and implement a system that continually updates data on livestock from breeding to the point of sales.
Also, a proposal has been drafted by the Jeju Island to provide an exclusive zone for blockchain and cryptocurrency firms. In this particular zone, ICOs will be permitted contrary to the embargo placed on ICOs in the country.
South Korea Targets “Leader Role” in Innovative Technologies
South Korea has never hidden its interest in the innovative technology sector. This seriousness is evident in its creation of industry-research centers, to facilitate detailed examination of the cryptocurrency market trends in and outside the country.
This was followed by the declaration in July to create a Financial Innovation Bureau, tasked with the responsibility of drafting policies on cryptocurrency and big data.
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