South Korea’s ministry of science and expertise has plans to speculate 450 billion gained (~$382 million) for blockchain analysis and growth.
The company would make investments the quantity over a interval of six years from 2021 to 2026, ZDNet Korea reported Thursday.
Citing nameless authorities officers, the report additional stated that the aim of the initiative is to create a basis of information financial system powered by blockchain expertise.
“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,” a authorities official acquainted with the plan, was quoted as saying within the report.
The ministry is alleged to analysis varied blockchain areas, together with good contract reliability, interoperability amongst blockchains, scalability and consensus algorithms.
South Korea has introduced a number of blockchain initiatives up to now. Most just lately, the Korea Internet Security Agency stated it would assist blockchain-related initiatives in 2020 with 10.5 billion gained (~$9 million) in funding.