South Korea’s Blockchain-Fund for the promotion of the data economy in the country

The new Blockchain development Fund aims to strengthen projects in the technology sector, to transfer to the country in the next five years in a data economy.

South Korea’s Ministry of science, ICT and planning, decides on a month-to-date on a multi million-USD-heavy Fund, whose objective is the development of the Blockchain to the target.

ZDNet Korea reported on a decision date at the end of the month of may. The competent officials in the Ministry need to consider whether the Fund concept to the files or, as an innovative project forward.

Blockchain development Fund to reach a volume of 480 billion Won, or about . 388 million USD include. Clear goal: South Korea seeks to expand its technological innovations in the time-frame of five years solid.

The competent Ministry of science relies on the cooperation with the renowned Institute for the promotion of information and communication technology (IITP).

The present report from the year 2019 to the project, the country plans investments in the amount of approximately 475 billion dollars in Blockchain-developments in the period from 2021 to 2025. The focus of the project activities to be as important topics such as mass acceptance, the promotion of local industrial development, and commercialization of the Blockchain, as well as the General development of new Blockchain and crypto-based technologies.

The policy is for the 380 million USD Fund model the green light, can the Blockchain projects and business applications for promotion. To do this, you must pass a under the name of “Yeta” firmierendes test procedure. The competent Ministry will carry out a preliminary study that deals with the economic feasibility of the project. It is important later that all of the projects in the field of Blockchain technology are located.

Blockchain experts see in the Fund is a “Golden opportunity” for South Korea, already visible efforts in the area through additional investments in Blockchain technology to develop the projects further. The at Dankook University, teacher, Professor Park, Yong-Beom warns of delays, because South Korea could otherwise lose the connection to other countries. The Blockchain technology, South Korea could take on a leadership role.

ZDNet to the researchers said that without action, an unbridgeable gap, for many countries, could arise. This is the view of the Ministry of science divides apparently, so the Blockchain for the state could be the most important Instrument for South Korea during the transformation to a “data economy”.

The efforts of South Korea in the Blockchain sector explain, not least with the contents of a report that attested to the well-known hacker group Lazarus from North Korea, an increasing activity.

The author of the said report of the end of April, the service provider ESTsecurity is. The Report comes to the conclusion that Lazarus have amplified by so-called “APT attacks” (Adaptive Persistent Threat) holders of crypto currencies in South Korea, as the target chosen. The group of cyber-criminal had carried out for example in the year 2016, a digital Bank, anywhere in Bangladesh, as well as already in 2014, the company Sony Pictures in 2014 attacked.