Korean Government to Lead 6 Blockchain Pilots With $9 Million Fund

The South Korean government will invest 10 billion Korean won to support blockchain development in the country, with plans to carry out six pilots using blockchain technology.

According to a report from CoinDesk Korea, the country's Ministry of Science and ICT published a blockchain development strategy on Thursday.

The agency said the government plans to invest $9 million in total until the end of 2019 as part of the country's pursuit of "a medium- to long-term plan for expanding blockchain technology."

With that, the ICT ministry said it will take the lead to work with other government agencies to conduct blockchain pilots in the public sector.

The blockchain pilot on the real estate industry will be carried out with the Ministry of Land and Transport.

"We will establish a roadmap for developing blockchain technology and plan to secure 90% of the technology level by 2022 compared to the world's top countries," the agency said.

The ministry said will invest 800 million won a year for up to six years to expand a blockchain research center.

The goal is to educate students on the nascent technology and to nurture 10,000 blockchain specialists by 2022.

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