South Korean Ministry of Science and ICT announced a major Blockchain Technology Development Strategy that is objective to raise 230 bln won (~$207 mln) and will be completed by 2022, The News Asia reported June 2018.

As stated in the Ministry’s official announcement, the new initiative would nurture 10,000 blockchain industry professionals and 100 companies, and would expand and commercialize 6 existing blockchain pilots with the Ministry’s backing.

These pilots address to adopt blockchain technology in sectors including real estate, online voting, shipping logistics, livestock record management, customs clearance, real estate, and international e-document distribution.

The press release of the Ministry also gave examples of private blockchain initiatives that were planning to promote, including “smart city” and “smart factory” projects, a blockchain system for the used car industry, and a blockchain-based “safe school food” distribution initiative.

Moreover, the development of BaaS (Blockchain-as-a-Service) will be supported by the Korean government, to allow SMEs to adopt blockchain solutions efficiently.

Funds will continuously be assigned to blockchain research projects, infrastructure development, a blockchain technical support center and sandbox, as well as to go over legal issues specific to smart contracts.

Although recent crypto news from South Korea had been concentrated on reports of South Korea’s leading crypto exchange Bithumb $30 mln hack, wider developments in the country’s crypto and blockchain industry recently had been more forward-looking.

In May 2018, the central bank of Korea began exploring the idea of using blockchain aimed to realize its resourceful project for a “cashless society” by 2020. On the other hand, the government of South Korean revealed a positive adjustment for domestic crypto and blockchain legislation, planning to reverse domestic Initial Coin Offerings (ICOs) to be legitimate.