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Wednesday, 25 November 00:53 (GMT -05:00)



Business And Politics News

South Korea Invests Billions In Blockchain Technologies


By 2025, South Korea is planning to invest over 48 billion dollars in  blockchain. The goal is to digitize all of the industrial sectors of the national economy in this post-pandemic era. According to ZDNet Korea, the president highly rated some of the benefits this process may bring to South Korea.
 
In particular, he said that the 4th industrial revolution is the future of the world and its underway. The South Korean strategy is to favor this tendency, which corresponds to the South Korean version of the new world order. A transition to a new economy is possible.
 
Creating thousands of new jobs
 
The president's plan is to create over 567 000 new jobs in various hi-tech sectors of the national economy, such as network, big data, and artificial intelligence. They are also planning to introduce blockchain to the logistics sector.
 
In 2019, the local ministry of science and the national agency for promoting information technologies also started working on some promising conceptual blockchain projects.
 
Blockchain in South Korea
 
Not so long ago, Pusan, the country's second-biggest city, launched an app for identification, which uses some public blockchain to verify the info about the citizens.
 
In April, the deputy minister of strategy and finances said that the blockchain market is a golden opportunity for South Korea and urged private companies to take advantage of this potential.
 
In May, the Suseong University in South Korea partnered with the Korea Artificial Intelligence Association (KORAIA) to work on blockchain and AI technologies.
 
 

 

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