South Korea will invest $880 million in the blockchain technology

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The South Korean government plans to invest $880 million in the blockchain technology, artificial intelligence (AI) and the economy of collaborative consumption. The authorities are showing increased interest not only in decentralized applications and crypto-currencies in General.

According to the plan “Development through innovation”, the authorities invested a total of about $4.4 billion in eight pilot projects aimed at developing economic platforms for data analysis, transaction and delivery of hydrogen fuel.

In a press release, the emphasis is on blockchain technology, which, according to officials, is an important factor for the development of the sharing economy:

“The South Korean government will make efforts to develop technologies based on the blockchain to increase the level of data security and stimulate economic growth”.

The scope of the blockchain and AI in 2019 will receive funding in the amount of $880 million, which is almost two times more than this year! In addition, Korea will open research centers that will focus on the analysis of the cryptocurrency market. It is important to note that all the financial and technological activity in the country is regulated by a specialized government Agency – the Bureau of financial innovation. It is apparent that this state structure to guide development in the field of blockchain.

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