The authorities of South Korea are planning to pump 383 million USD as funds to research blockchain within the coming six years. The research will be led by the government. Based on ZDNet Korea report, the Ministry of Science and ICT of South Korea is planning to use the funds for the development of innovative blockchain technology, as the authority is leading the creation of an economy driven by data and powered by blockchain.

The authority is perceived to be keenly interested in working on projects that include the improvement of smart contracts’ dependability, making the cross-blockchain platforms more interoperable and the development of consensus algorithms to prevail over performance, issues with stability and scalability.

People believe that the government of South Korea is in favor of open-source blockchain technology. The report maintained that an official talked about the need to get over data trust challenges for the activation of an economy that is driven by data and blockchain technology can help achieve it.

As mentioned in a previous article, some Japanese researchers claim that China is the leader of the worldwide blockchain patent registration race at the moment, while firms and agencies of South Korea occupy the second position as they have registered 1,150 applications within 2009 and 1018.

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