South Korea has been also an attractive place for blockchain market. The mayor of Seoul, the capital city of Korea, Park Won-soon, recently announced a five-year plan for developing blockchain industry in the city.
The project is named “Blockchain City of Seoul” which includes various measures for promotions and development of blockchain-related initiatives and education. It will last till 2022 from 2018. By 2022, the city plans to have a base of public-private fund of 100 billion won ($88.2 million) in order to invest in blockchain startups based in Seoul. The fund will gain 13.6 billion won ($11.9 million) from the city government.
Furthermore, city authorities are considering to use 60.3 billion won ($53.1) on constructing two business centres to house 200 blockchain firms by 2021. The centres will be located in the western and southwestern parts of the city. Those will become educational hubs to train 730 industry experts.
Park has publicized the plan to apply blockchain technology in the city’s administration as well. The authorities are trying to start 14 blockchain-powered systems including a voting system, charity management and vehicle history reports, starting from this year. He added that the distributed ledger technology (DLT) is the most important technology in the fourth industrial revolution movement which will surely be the basis for the future IT. He expects Seoul to be a centre of a blockchain industry ecosystem with the new project.
In August, South Korean authorities reported that a project to develop eight sectors of domestic economy including blockchain technology with $4.4 billion investment in 2019. The local government has agreed to spend more amount of funds on potential fields such as blockchain, big data and artificial intelligence (AI) by 65 percent from estimates of earlier in the year.
Author: Jieun Lee