South Korean government is planning a major blockchain technology development with investments of 230 billion won or around $207 million, which will be raised by 2022.
The Ministry of Science and ICT of South Korea announced that the investment, as part of its blockchain development strategy, would be used to fund over 100 companies and 10,000 blockchain industry professionals.
The move is expected to expand and commercialize six existing blockchain pilots with the government support. These pilot programs include online voting, shipping logistics, livestock record management, customs clearance, real estate, and international e-document distribution.
The Ministry also plans to support private blockchain initiatives. These would include smart city and smart factory projects, a blockchain system for the used car industry, and a blockchain-based safe school food distribution initiative.
The development of Blockchain-as-a-Service or BaaS will also be supported by the government, which would allow small and medium-sized enterprises to implement blockchain solutions efficiently.
It is expected that the funds will also be allocated to blockchain research projects, infrastructure development, and a blockchain technical support center, among other things.
For comments and feedback contact: editorial@rttnews.com
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.