The Korean government will be deciding whether to proceed with its planned fund to boost blockchain developments in the country by the end of May. The project is aimed at funding the country’s startups, per the report by ZDNet Korea.
$388 million blockchain development fund
Reportedly, the project was originally initiated by the country’s Ministry of Science and ICT, and the IITP in November last year. The agencies proposed 480 billion Won for the blockchain development project, which is about $388 million.
However, the Ministry is set to conclude on whether to proceed with the blockchain development fund or to drop it, according to the recent report. If greenlighted, the agencies will be investing in blockchain in the next five years.
The project is expected to enable Korea to meet up with the likes of China in blockchain developments. Basically, the project is aimed at funding any company that passes the Ministry’s Yeta project. Yeta was established by the Ministry to study the economic feasibility and policies of companies dealing with blockchain.
Experts are optimistic about blockchain
According to Park Yong-beom, a professor at the Software Department at Dankook University, it will be complicated to meet up with “core technology” development; however, the country can still catch up with blockchain development since the technology is still in its infancy stage.
Yong-beom’s statement reads:
Fortunately, blockchain is still a young technology, so it’s an area where [Korea] has the opportunity to become a leader.
Many experts in the country are quite optimistic that this is the right time for Korea to boost developments in blockchain technology. They added that they can still stay competitive in technology if the government can invest in the young Industry.
Meanwhile, the Ministry hopes that the technology will become the base for the country’s “data economy.” Hence, it is looking to invest in related projects to ensure the development of technology in Korea.