Ministry of Science and ICT to Support Blockchain Public-Private Projects with 20 Billion Won

Ministry of Science and ICT to Support Blockchain Public-Private Projects with 20 Billion Won

Blockchain Support Project to Foster Innovation and Commercialization The Ministry of Science and ICT and the Korea Internet Promotion Agency (KISA) have announced plans to launch a 2024 blockchain support project with a total budget of 20 billion won. The project, part of the government's Blockchain Industry Promotion Strategy, aims to enhance public services and support the commercialization of blockchain technologies in the private sector. Public Sector Initiatives In the public sector, the project will focus on exploring the use of blockchain for digital vouchers based on the central bank digital currency (CBDC), digital badges, online citizen voting, and battery remaining life certification services. These initiatives aim to streamline government processes and improve citizen engagement. Private Sector Support The project will also provide support to promising blockchain startups and businesses in the private sector. Selected initiatives include: Blockchain development support platform (SeePlus Labs) Financial management support service (Oasis Business) Carbon reduction credit trading service (Berry Wise) Digital badge service (Time Education C&P) Electronic wallet development service (Ahn Lab Blockchain Company) Token securities issuance platform (NH Bank) NFT service for mountain trails (JMCIS) Construction of public infrastructure (Parameters) This project is expected to accelerate blockchain adoption in South Korea, fostering innovation and economic growth.