South Korea's government will decide by month's end whether to launch a blockchain development program worth around $388 million. The Ministry of Science, ICT and Planning, in collaboration with the I
South Korea's government will decide by month's end whether to launch a blockchain development program worth around $388 million. The Ministry of Science, ICT and Planning, in collaboration with the Institute for Information and Communication Technology Promotion, plans to approve or reject the initiative in late May. The program directs capital toward blockchain projects intended to help transition South Korea into a "data economy" across the next five years.
The 480 billion won fund targets investment in four main areas: core technology development, commercialization of blockchain solutions, mass adoption infrastructure, and support for domestic industries. The IITP first brought this blockchain fund to life in November 2019, and projections from 2019 planning documents indicated South Korea would commit 475.1 billion won to blockchain projects spanning 2021 through 2025.
Proposals seeking funding must clear an examination process known as Yeta. This preliminary phase allows the ministry to assess the economic feasibility of projects before committing resources. All applicants must operate in the blockchain technology sector to qualify for consideration.
Park Yong-Beom, a professor at Dankook University, argues that South Korea faces a critical juncture. Nations that lose ground in blockchain development struggle to regain position, he explained to ZDNet. His concern centers on the rapid pace of change in "core technology." Followers fall further behind each year. For South Korea, blockchain represents "the opportunity to become a leader," Park said.
The Ministry of Science echoes this assessment. Officials describe blockchain as their country's primary vehicle for achieving data economy status, viewing it as the foundation for South Korea's next major economic leap.
ESTsecurity released a report in late April documenting that Lazarus, a hacking group tied to North Korea, has intensified attacks on cryptocurrency users in South Korea. Lazarus conducted the 2014 Sony Pictures breach and orchestrated a major bank robbery in Bangladesh in 2016.
