Japan has been the technology leader in Asia for decades but the gaps are narrowing as South Korea (as well as others) work to build out tech industries that are here to challenge. In a recent announcement, Deputy Prime Minister Kim Dong Yeon discussed the “powerful and far-reaching” platform with support from the government. The 5th Ministerial Meeting entitled Growth through Innovation tabled a press release that stated South Korea has designed a budget that earmarks nearly $4.5 billion for Blockchain and Emerging Tech. In this budget $900 million is allocated next year to accelerate the development of blockchain, artificial intelligence and other emerging technologies.
There are several projects that are supported and are long-term in nature. A platform is being built for big data, and AI, along with promoting blockchain technology. There is also a project that sets up hydrogen fuel cell supply chain, and a revamped education system that meets the needs for a qualified workforce in the future. The initial projects have a budget of $4.5 billion with expanded projects over the next 5 years that are budgeted at $9 billion.
In a separate announcement in June of 2018, The Ministry of Science and ICT revealed a blockchain development strategy that will secure a place for South Korean industry and increase its ompetitiveness in the global economy. And finally, the government announced that it will establish a technology support center to improve the standing of private companies, while providing facilities so companies can test their blockchain platforms and services.
South Korea is making its voice heard in the world of blockchain and new technologies.