South Korean Government to Finance Six Blockchain Projects for $9 Million
The South Korean government has decided to invest in six blockchanin projects of the country, worth 10 billion Korean won, which is equivalent to 9 million US dollars.
So, on Thursday, the Ministry of Education, Science and Technology published a report on the development strategy of blockchain technology. It was informed that the projects will be financed by the end of 2019, within the framework of the state's aspiration to "a long-term plan for expanding the technology of blockchain."
At the same time, representatives of the ministry noted that it will take the initiative to work with other government agencies to implement blockchain projects that are applicable in the public sphere. Works can focus on the use of technology for the supply of livestock products, customs, online voting, real estate transactions, cross-border distribution of electronic documentation and logistics deliveries.
The main objective of this document is to improve the level of efficiency of information exchange and transparency of public services, through the use of a distributed network.
For example, the Ministry of Education, Science and Technology of South Korea explained that they will cooperate with the Ministry of Agriculture, Food and Rural Affairs in the process of deploying a system that updates information on the livestock population - from the process of their reproduction to shipment.
Thus, each of the parties in the supply chain that functions as a node on the unit can be informed more promptly so that in the event of a problem, the observation period could be reduced from six days to less than 10 minutes.
Approximately the same project will be implemented jointly with the Ministry of Land, Transport and Marine Affairs of South Korea. It is expected that due to the introduction of blockchain technology in real estate, taxation and legal services, transactions will be optimized and effective for consumers.
The department reported:
"We will establish a roadmap for developing blockchain technology and plan to secure 90% of the technology level by 2022 compared to the world's top countries," the agency said.
In addition, the Ministry of Education, Science and Technology of South Korea announced that they plan to invest 800 million won (720,000 US dollars) per year, for six years, to expand the research blockchain center. Note that the main task here is to teach students the latest technology and by 2022 to prepare 10 thousand blockchain developers.