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South Korea Will Invest Heavily In Blockchain
South Korea`s government has reportedly announced a 5 trillion won ($4.4 billion) budget toward its “Growth through Innovation” investment program in eight sectors with a focus on blockchain technology and artificial intelligence (AI). The investment plan was made public by the government on August 13, as the English version of the press statement made clear as quoted by CCN. The total amount of investment is an increase of 2 trillion won from the previous year as the 3.5 trillion won will presumably be invested in the eight pilot projects and 1.5 trillion won in a platform economy.
The projects receiving the investment
The government has decided to focus on two platforms, a digital platform for big data analytics and a supply chain for hydrogen fuel cells, as the press release writes. But they have announced four projects, including an educational project to develop the qualified human capital needed. The plan foresees building a big data platform that promotes big data and AI, developing blockchain technology to ensure data management security and boosting the sharing economy. In addition, it is expected to ease data divide by providing fiscal support to encourage small businesses to use big data and promote the development of digital trade platforms for exporters. Also, another thing that is part of the plan of the government is building a hydrogen fuel cell supply chain that covers from production to storage, transportation, and utilization. And finally, it is announced that the government plans to develop an education program to provide as many as 10,000 qualified workforces over the next five years. For more information, check out the press release on the subject. Do you think other countries will make huge investments in blockchain technology and artificial intelligence (AI)? If yes, which will these countries be? Are we speaking of a battle between the big countries for taking the lead in the possible blockchain revolution? On the contrary, is it just a hype or the reputation the technology has is well-earned? Share your thoughts and comments below. Read the full article
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