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.
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.