South Korea's Ministry of Science, ICT and Planning is due to meet at the end of the month to decide whether to continue with the project or abandon it altogether.
The Blockchain development fund is earmarked for technology projects aimed at shifting the country to a data economy by 2025. South Korea’s Ministry of Science launched the multimillion-dollar fund in collaboration with the Institute for Information and Communication Technology Promotion (IITP).
“Since launching the project late last year, it has, like so many sectors been affected by Covid-19 so it will be fascinating to see the direction South Korea takes as the world recovers. Originally designed to act as a gateway for transitioning the country to a data economy they may change tack and investigate Blockchain-based MedTech applications.” – Paul Moynan, Dragon co-founder.
Companies and Blockchain projects will bid for a slice of the $380M fund if they successfully pass rigorous checks, which include an economic feasibility study and investigations to see if the projects have a positive impact in the Blockchain technology space. If the fund goes ahead, expect to see significant efforts by projects to focus on projects in technology development, commercialisation, mass adoption, and support for local industries. South Korea needs to carefully consider whether to press ahead with this significant investment as Asia's fourth-largest economy eyes will be upon them and delaying will make it difficult to catch up with other countries if they press ahead with Blockchain investment. Whichever way they choose to go, we’ll keep you up to date right here on the Dragon Blog.