The South Korean government will invest over $ 880 million in the next year to enhance the development of innovative technologies including blockchain.
According to a government statement Tuesday, South Korea's deputy prime minister, Kim Dong Yeon, hosted a ministerial meeting on August 13 to address the administration investment plan for the growth of innovation in the next five years.
Data released on the website of the Ministry of Economics and Finance show that the government will award 1 trillion won, or about $ 880 million in 2019 – an increase of 80% compared to 2018 – invest in technologies like blockchain, big data and AI.
In addition, the authority said it will invest a total of $ 8 – 9 billion in the area over the next five years. The goal is "to focus on promoting big data and AI, developing blockchain technology to ensure data security and increase the sharing economy," according to the statement.
While the high-end investment plan offers little details on exactly how much it will move to blockchain-related projects, the effort follows previous news that the CCP ministry would have allocated $ 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