Two South Korean ministries have announced their support for the blockchain industry in the country with plans to allocate up to $3.2 million in funding to local startups to encourage the use of such technology.
The Ministry of Science and ICT (Information and Communications Technology) and the Ministry of Information and Communication Industry Promotion will launch a pilot program called "Blockchain Technology Validation Support in 2020" to carry out the project, according to a March 16 report.