South Korea’s Ministry of Science and ICT has called for a Blockchain Technology Development Strategy. The endeavor will use a total of more than $200 million (US) for the development of blockchain-based technology throughout the country.
The South Korean government says that funds for the project will continue through 2022. The money will be used to help aide over 10,000 industry professionals and grow 100 companies helping to strengthen the blockchain initiative.
One main goal of the initiative is to use the funds to help Korea gain a competitive edge with other countries like the US. According to Yonhap News, The Institute for Information and Communications Technology Promotion (IITP) did an evaluation of Korea’s competitiveness in blockchain and quantum communication technologies in 2017 and found Korea to be 2.4 years behind. Furthermore, Korea's blockchain technology level was only 76.4% that of the U.S. In comparison with S. Korea's neighbors, Japan was at 84.8% and China at 78.9%.
Beginning in 2019, the country will be working specifically on six blockchain pilot projects, which are: online voting, real estate, personal customs clearance, electronic document distributions between countries, management of livestock records and marine logistics.