The South Korean government will invest over $880 million next year in order to boost the development of innovative technologies including blockchain.
Koreans are known for being innovative. This week they have announced a set up called ‘growth through innovation’ economic strategy for the next year. This strategy involves two major points which are big data, and logistics for hydrogen fuel cells.
Big data always had an issue regarding privacy, security, and how the data collected is being utilized. Where blockchain comes into play in this economic plan is in the realm of safekeeping and overseeing the data collected. In respect to the use of the information, the government will encourage and provide support to mirco-entrepreneurs to employ big data to get to know their clientele.
The total budget to be allocated for this plan is 5 trillion won.