The South Korean authority has vouched to allocate $7 billion on public plans this year, a number that will include the nation’s blockchain budget.
The capital will back what ministers have named the “Korean New Deal,” and particularly what they have called the “core” of the measures, the “Digital New Deal,” which will receive billions of dollars’ worth of additional investment in the years up to 2025, produces almost a million new jobs and foster Industry 4.0 sectors.
As cited by Gvalley News, Seoul has prioritized technology advancements such as Artificial Intelligence (A.I.), contact-free developments, and digital learning. Many of the projects it has announced it will be backing will likely use blockchain technology-powered innovations – including contact-free fisheries payment platforms, logistics, IoT, and small and medium-sized business funding projects.
Seoul also considers that it would increase its spending on government-run services that use blockchain technology, moving to bolster initiatives such as the police force’s mobile phone-based, card-free digital drivers’ license project.
In a separate development, South Korea’s SME minister, an outspoken proponent of blockchain and its role in bolstering small businesses, has again talked up the technology.
According to Money Today, the minister, Park Young-sun, spoke about her desire to foster tech unicorn firms and predicted that 2021 would see firms focused on blockchain and A.I. obtain unicorn status.
She proceeded that Busan, the city that is the site of the country’s only blockchain regulation-free zone, would develop a “protocol-based” economy with decentralization and de-monopolized values at its cores using its new blockchain advances.
Park added that she regretted her failure to win her 2018 bid to become the Mayor of Seoul, mostly as she wanted to introduce a digital currency for use in the capital as one of her main manifesto pledges.
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