With all the opportunities blockchain technology provides, more and more governments and private companies turn to it for either solutions, improvements of the current way of life, or simply building the whole new governmental entities.
According to Lee Cheol-uoo, the governor of the province Gyeongbuk, they wish to turn the province into a blockchain hub. The process started with inviting 40 domestic and foreign blockchain experts to form a special Committee. According to the governor, its main goal is to “preemptively respond and establish strategies.”
The establishment of the committee is not the region’s first initiative in the blockchain industry. In fact, South Korea as a whole provides a very favorable climate for the industry. For instance, just last week the country’s government made a decision to allocate $35 million more on blockchain development for 2019, as the industry continues to instantly grow.