The South Korean Government has taken action to support blockchain companies in the country. The state will contribute to the development of these projects by granting several outstanding blockchain projects in the country.
Investment in Projects
The South Korean Ministry of Science and ICT (Information and Communication Technologies) will grant nine different blockchain projects in the country.
The Ministry of Science and ICT will evaluate blockchain projects in the country to their current status, how innovative they are, their business models and their potential. Following this assessment, a total of $ 3.2 million will be awarded to the nine selected projects, with a maximum of $ 360,000 each.
Science and ICT Minister Park Yoon-kyu said that they want to expand the blockchain market in the country. South Korea’s support for blockchain start-ups in the country in this way can make more young people interested in blockchain.
South Korean officials are urging young people to focus not only on blockchain but also on artificial intelligence, the internet of things and big data.