South Korea doubles budget for Blockchain projects in 2019

The South Korean Internet and Security Agency, an organization of the country's Ministry of Science and ICT, announced a plan to expand pilot projects based on Blockchain to revitalize the local Blockchain market.

The South Korean government plans to spend the equivalent of about 7.7 million euros to expand Blockchain's projects to both the public and private sectors. This year, the government spent the equivalent of 3.2 million euros on Blockchain projects. The objective is to find efficient cases in the public sector and identify the best options, taking them to the commercial sector through multi-year government support.

This year, the Ministry of Science and ICT received 72 requests for projects from 41 institutions, and selected six final projects for its development in the public sector. By 2019, the Ministry wants to double the number of projects, extending the initiative to three or four "private" Blockchain projects.

According to local daily Digital Daily Korea, Min Kyung-sik, head of the Blockchain team of the South Korea Internet and Security Agency, revealed the agency's plans to develop the projects next year.