Unpacking the Strategy

South Korea’s Ministry of Science and ICT has rolled out an impressive Blockchain Technology Development Strategy, promising to inject a whopping 230 billion won (around $207 million) into the future of blockchain until 2022. It’s like giving a kid a pocketful of candy and saying, ‘Go wild!’ but in this case, it’s a serious economic strategy.

Aiming for the Moon: Fostering Industry Talent

As part of this initiative, the government aims to cultivate a whopping 10,000 blockchain professionals and nurture 100 thriving blockchain enterprises. It’s a bit like planting a garden—let’s hope they have a green thumb for blockchain! These crops are expected to sprout from six pilots already in motion, focusing on real estate, online voting, logistics, livestock management, customs, and international e-documents, making it clear that blockchain can do more than just fuel our cryptocurrency wallets!

Private Initiatives Getting Some Love

The Ministry isn’t just playing favorites with public projects. They plan to promote a plethora of private blockchain initiatives, such as:

• Smart City Projects: Imagine a city run by code instead of chaos.
• Smart Factory Initiatives: Where robots might rule the factory floor, and we just watch.
• Used Car Blockchain System: Because who doesn’t want to track a car’s history in more detail than your ex’s dating history?
• Safe School Food Distribution: Ensuring the lunch ladies can honestly say, “This is organic!”

Supporting the SMEs

Small and medium-sized enterprises are set to benefit immensely from the new BaaS (Blockchain-as-a-Service) model. It’s like providing a toolkit to the little guys, so they can get their blockchain operations off the ground without burning a hole in their wallets.

Funding and Legal Infrastructure: The Backbone of Innovation

No innovation can grow in a void. Hence, funds provide the backbone for research projects, infrastructure development, and a special blockchain technical support center. They are also carving out a legal sandbox to streamline the complexities around smart contracts—like making sure they actually work as intended and don’t turn into a legal disaster.

Recent Developments: The Silver Lining Amidst the Clouds

Despite some headlines painting a doom-and-gloom picture—like the $30 million theft from Bithumb—there’s a silver lining. The central bank is vibing with blockchain tech, trying to establish a cashless society by 2020. It’s also hinting at bringing back legality for domestic Initial Coin Offerings (ICOs). Just yesterday, the chairman of Netmarble, a gaming giant valued at roughly 12.86 trillion won (about $11.59 billion), chimed in with a cheerful prediction: blockchain will seep into every industry in the future. Fingers crossed he’s right!