South Korean authorities will allocate twice as much funds to finance blockchain projects in the next year, reports CoinDesk.
Representatives of the Korean Internet and Security Agency(a subdivision of the Ministry of Informatization and Communications) reported plans to significantly increase the number of blockchain projects, most of which are targeted at the public sector.
In the next year, we are considering expanding blockchain pilot projects in the public sector to 12, and plan to support more than three private-led blockchain national project.
Head of blockchain, KISA
In addition, for such projects, the agency will increase up to 10 billion South Korean won (about $ 9 million) budget for the next year. Also, $ 9 million of the funds of a separate fund will be used, which are planned to be mastered in 2018-2019.
The blockchain projects selected by the Ministry specialize in the management of supply chains in livestock, customs, online voting, real estate, electronic document management and logistics. This year the agency allocated $ 3.76 million for these projects.
The results of the current projects will be known in November. In December, the agency will hold a blockchain hackaton to select ideas for new projects.