South Korea to Invest $380M to Boost Blockchain Development
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22 November
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The Ministry of Science, ICT and Future Planning of South Korea will invest 450 billion won (~$380 million) for six years with the goal of developing the blockchain technology, ZDNet Korea reports citing government officials.

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According to the report, the main goal of the development is to secure the core technology of blockchain that is the foundation of the data economy.

A government official, who wished to remain anonymous, the data trust problem must be solved in order for the data economy to become active. A blockchain can create a trust base for data sharing, the official said.

"The direction of the new blockchain R&D business is to develop technology that will actually help (develop the national economy) rather than become a leading blockchain country," the official added.

Earlier iHodl reported that three Chinese companies Yillion Bank, a fintech firm HDFH and a venture capital firm ZVCA opened a new blockchain fund with a target capital of $1 billion.

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