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South Korea will invest billions in blockchain technology

By 2025, the South Korean government plans to invest over USD 48.2 billion in blockchain and other industrial technologies 4.0. The nation’s goal is to promote the digitization of all industries in the upcoming post-pandemic era.

According ZDNet Korea, South Korean President Moon Jae-in praised the “several benefits” a new industrial revolution could bring to the country.

Moon Jae-in said:

“The fourth industrial revolution and digital civilization are the future of humanity that has already begun. The Korean development strategy, which is to contribute to the development of this trend, is the Korean version of the new order. A transition from an older economy to a leading economy is possible. “

Creating thousands of new jobs

The Moon plan aims to create over 567,000 jobs in various sectors, such as big data, networks and artificial intelligence. Blockchain technology is expected to be implemented in the logistics sector.

“Our society has already entered the face-to-face digitization process, and a society in which data is competitive, AI and the network have become the food of the future. Thanks to this, we will be able to advance to the rank of the leading country in the world No. 1, through bolder and more active investments. “

– added President Moon.

Andong, a city in Gyeongbuk province in South Korea, announced on July 7 that it had received permission to operate a free industrial hemp trade zone. In addition, it announced that it will manage its activities through a blockchain-based platform.

In 2019, the Ministry of Science and its National Agency for the Promotion of the IT Industry also began work on several blockchain proof of concept projects.

Blockchain in South Korea

Recently, Busan, the second largest city in South Korea, has launched an identification application that uses public blockchain to verify citizen information.

On April 17, Deputy Minister of Strategy and Finance, Koo Yun-cheol, said blockchain market is a “Golden opportunity” for South Korea, calling on private sector companies to realize this potential.

At the end of May, we reported that the South Korean University of Suseong has entered into a partnership with the Korea Artificial Intelligence Association, or KORAIA, to create a campus at the University of Daegu, which will be focused on the development of blockchain and AI technology.

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