South Korean Government in favor of Blockchain Industry to Facilitate Industrial Growth

By Ravindra Chagetha

According to the report from Business Korea, the Korean government is looking hopeful towards the future of Blockchain technology in order to flourish the blockchain industry in the nation.

The Korean Ministry of Science and Information Communications Technology (MSICT) has vouched for further support to facilitate the growth of the domestic blockchain industry. Min Won-Ki, the second minister of Science and Information Communications Technology held a meeting with the startups of the blockchain technology-based businesses in an attempt to build connections with the potential developers in what it has dubbed the 10 key ICT sectors of the Fourth Industrial Revolution.

The meeting was aimed to support the blockchain based pilot projects by the government with a belief that these will support and bring the new technology to another level and will improve public services with the investment of 4.2 billion won ($3.7 million). The blockchain technology application in customs clearance, livestock provenance, and property transactions was reviewed.

According to Min:

“Considering the fact that there is no significant blockchain technology gap between South Korea and the other countries, it is a good opportunity for South Korea to lead the industry. The government will actively back domestic companies to help them lead the global blockchain market.”

The startups brought the importance of cloud-based blockchain environment, help in the research and development in the private sector, and have a healthy competitive relationship among the domestic and foreign blockchain developers.

South Korea is known for its proactive approach to blockchain adoption, however, the nation has not yet formulated any regulation and has prohibited all types of Initial Coin Offerings (ICOs).

MSICT also initiated a partnership, in September, in which forty-two applicants, with the six-month training course, would turn into “blockchain specialists,” that will have professional skills to encourage blockchain economy.