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20 Billion Won Blockchain Initiative Set to Launch in 2024 in South Korea
The South Korean government has invested 20 billion won (£11.4 million) in developing local blockchain expertise to strengthen its position in the blockchain industry.
Led by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA), the project focuses on refining and expanding blockchain services for both public and private uses.
The public sector is seeing significant progress thanks to the government’s focus on six blockchain-enhanced projects to improve various services. A significant project is the creation by the Bank of Korea of a Central Bank Digital Currency (CBDC) voucher platform, which will improve the usability of voucher programs on mobile devices and significantly improve the efficiency and accessibility of digital payments.
Another major public sector project is the Korea Employment Information Service’s creation of an integrated employment support service. This system will use digital badges to facilitate online job searching and skills verification, simplifying the hiring process for both employers and job seekers. The Ministry of Justice is also contributing to the initiative by leading efforts to digitize and simplify the notarization process, reducing paperwork and improving the efficiency of legal procedures.
Additional public sector blockchain projects include a system for digitizing rice purchases in Gangjin-gun and a subscription service in Incheon city that incorporates environmental practices through blockchain. These projects reflect the broad applicability of blockchain technology in public sector activities.
The private sector is also actively involved in this initiative. The government is supporting eight blockchain-based projects spanning a wide range of industries and applications. CP Labs is developing a support portal for blockchain development, while Oasis Business is creating a solution to assist small business owners with financial management. Berry Wars is focusing on developing an electric motorcycle to reduce carbon emissions and promote cleaner transportation.
Other notable projects in the private sector include Ahnlab Blockchain Company’s development of an e-wallet with advanced API linking and Nonghyup Bank’s creation of a token securities platform for investors. These initiatives reflect the government’s strategy to encourage innovation in various sectors using blockchain technology.
Future prospects and global aspirations
Eom Yeol, director of information and communication policy at the Ministry of Science and ICT, said the projects are in line with the government’s policy on digital platforms. This policy aims to expand the coverage of public data services, support the application of digital technology to paperless operations, and simplify access to government services for residents.
The government also plans to support innovative public-use services based on blockchain. The technology is now widely used in a number of sectors other than finance, such as mobile identification, online voting and the prevention of ticket scalping. These initiatives are also being coordinated for global deployment, with South Korea serving as a key hub for blockchain solution applications.
The initiative is substantial and reflects South Korea’s commitment to becoming a leader in blockchain innovation, with the aim of transforming practices in both the domestic and private sectors. As these projects advance, they could serve as a model for blockchain implementation in other countries, thus strengthening South Korea’s stature on the global blockchain scene.
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