This year, the South Korean government has promised to invest USD 7 billion in public programs, including spending on blockchains.
The money will help what ministers have labeled the “Korean New Deal.” Mainly what they have called the “core” of the steps, the “Digital New Deal,” which in the years up to 2025 will receive billions of dollars worth of additional investment, generate nearly a million new jobs, and promote Industry 4.0 sectors.
According to Valley News, Seoul has prioritized technical advancements such as AI, contact-free technologies, and digital learning. Blockchain technology-powered technologies, including contact-free fishing payment systems, logistics, IoT, and small and medium-sized business funding ventures, are likely to be used for many of the projects it has announced it will support.
Seoul also said it would increase its investment in government-run programs using blockchain technology, moving to endorse projects such as the cell phone-based, card-free digital driver licensing project of the police force.
South Korea’s SME Minister, an ardent supporter of blockchain and its role in helping small businesses, has again addressed the technology in a separate development.
The Minister, Park Young-sun, spoke to Per Money Today about her intention to support tech unicorn companies and predicted that companies based on blockchain and AI would achieve unicorn status in 2021.
She added that Busan, the town that is the country’s only blockchain regulation-free zone, will use its recent blockchain advances to build a “protocol-based” economy with decentralization de-monopolized values at its heart.
Park added that she regretted her failure to win her bid to become the Mayor of Seoul in 2018, mainly as she had hoped to implement a digital currency as one of her crucial manifesto promises for use in the capital.