The interest of governments in blockchain technology is increasing, and this is shown through the statements of the rulers or by the amount of investment money they allocate in it.

South Korea’s Ministry of Science and Technology plans to invest 450 billion won (about $382 million) in research and development of blockchain technology.

The news agency reported ZDNet The agency said Thursday that the agency will invest the sum over a six-year period, starting in 2021.

Citing unidentified government officials, the report stated that the goal of the initiative is to create a foundation for a data economy powered by blockchain technology.

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The newspaper quoted a government official familiar with the plan, stating:

The data trust problem must be resolved in order for the data economy to become active.

Blockchain can create a trust base for sharing data.

The ministry is said to be researching various areas of blockchain, including the reliability of smart contracts, interoperability between blockchains, scalability and consensus algorithms.

This is not the first initiative announced by the government, as it has already announced several blockchain initiatives in the past.

Recently, the Korea Internet Security Agency said it will support blockchain-related projects in 2020 with funding of 10.5 billion won (about $9 million).

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