South Korea could soon spend billions on Blockchain development

The South Korean government plans to invest more than USD 48.2 billion in Bitcoin Future and other Industry 4.0 technologies by 2025. The nation’s goal is to promote the digitization of all industries in the post-pandemic era.

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According to ZDNet Korea, President Moon Jae-in praised „several benefits“ that the new industrial revolution could bring to the country.

Moon elaborated:

„The fourth industrial revolution and the digital civilization are the future of humanity that has already begun. The national development strategy to advance the trend is the Korean version of the new agreement. It is possible to move from the old economy to the leading economy.

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Creating thousands of new jobs
Moon’s plan aims to create more than 567,000 jobs in different sectors, such as big data, networks and artificial intelligence. Blockchain technology is expected to be implemented in the logistics sector.

President Moon added:

„Our society has already entered into face-to-face digitization, and the data-competitive society, AI and network have become the food of the future. Through this, we will advance to the number one country in the world by making bolder and more proactive investments.

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Andong, a city in South Korea’s Gyeongbuk Province, announced on July 7 that it had been granted a permit to operate a free trade zone for industrial hemp. In addition, they announced that they would manage their operations through a blockchain-based platform.

The nation’s Ministry of Science and its National IT Industry Promotion Agency also began work on several blockchain proof-of-concept projects in 2019.

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