South Korea Budgets $880 Million for Tech Including Blockchain

The South Korean government will invest over $880 million next year in order to boost the development of innovative technologies including blockchain.

According to a government release on Tuesday, deputy prime minister Kim Dong Yeon hosted a ministerial meeting on Aug. 13 to address the administration's investment plan for innovation growth in the next five years.

Data disclosed on the website of the Ministry of Economy and Finance shows that the government is set to allocate 1 trillion won (about $880 million) in 2019 – an 80 percent growth compared to that in 2018 – for technologies including blockchain, big data and AI. Further, the authority said it will invest a total of $8–9 billion in the same areas over the coming five years.

The goal is to "focus on promoting big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy," according to the statement.

The high-level investment plan doesn't yet provide a breakdown for how the funds will be allocated across the different sectors.

The budget plan follows previous indications from the Ministry of ICT that it will allocate $9 million in 2019 for blockchain startups. CoinDesk reported in June that the Ministry of ICT is working with other government agencies to develop six pilot programs that will adopt blockchain in major public services.

Korean won image via Shutterstock