South Korea has decided to invest $35 million for the development of Blockchain and Distributed ledger Technology in the country. The Vice Minister of Health and Welfare pitched that the ministries had agreed to triple the budget, approximately to $35 million to develop blockchain technology.

According to the reports, there was a rise in the number of application submission for blockchain projects from institutions of various fields in the recent past. Reportedly, about 72 blockchain project applications have been received from 41 institutions in the Ministry of Science and ICT, out of which six have been accepted for their development in the public sector. Henceforth, the Ministry has decided to raise the bar to 12 projects on blockchain, out of which three to four will be kept for private-led blockchain.

On the other hand, the Ministry of Information and Communication will help blockchain startups by offering technical, verification and consulting services from next year, says the report. The idea has been finalized during the meeting on blockchain and DLT Technology in the presence of the Ministry of Science and ICT, the Ministry of Information and Communication, and the Democratic Party of Korea.

Stressing on the importance of Blockchain Technology, the second Vice Minister of the Ministry of Science and ICT, explained that with support from both legislative and institutional field from the Korean Parliament, the nation is looking forward to excel by Blockchain technology. He is of the opinion that blockchain is undeniably the future of all technologies and its efficient use will bring good results for the country.