Regulation
South Korea to Launch 20 Billion Won Blockchain Support Program in 2024
On June 17, South Korea’s Ministry of Science and Information and Communications Technology (ICT) and the Korea Internet & Security Agency (KISA) announced that they will jointly launch a blockchain support project program in 2024. This program is aimed at strengthening the blockchain technology and the industrial sector of the country.
According to announcement, the initiative will be divided into two categories, the public sector, to discover public services, and the private sector, to support the growth of companies with a budget of 20 billion won (equivalent to 14.5 million dollars). Projects include digital vouchers based on central bank digital currency (CBDC), online referendums, battery life certification services and digital badges.
According to the announcement, the promotion will target 14 projects in the public and private sectors. For the public sector, six projects will be promoted, including the creation of a CBDC-based digital voucher management platform for use on mobile devices, the introduction of a digital badge-based employment support service by Korea Employment Information Service and the creation of a platform for issuing digital badges by the Education and Research Information Service to confirm the learning history of permanent higher education courses.
Other projects include the electrification of the public rice purchasing process by Gangjin-gun, Jeollanam-do, the integrated environmental practices compliance service by Incheon City, and the electronic authentication process of the authentication system electronics to create a simplified system by the Ministry of Justice.
For the private sector, a total of eight projects will be promoted. Some of the notable projects include a Blockchain development support portal platform from CP Labs, a financial management support service aimed at small business owners from Oasis Business, and a carbon reduction credit transaction service for Berry Wars electric motorcycles.
Other private sector projects include digital badge services based on academic learning history and an API link-based e-portfolio development service. See the full list here.
Speaking on the development, Director of Information and Communication Policy at the Ministry of Science and ICT, Eom Yeol, expressed his commitment to discovering and supporting new innovative services that can be accessed by both the public and private sectors .
“As blockchain technology is currently used in various fields beyond the financial sector, such as mobile ID, online voting and ticket scalping prevention, we will continue to discover and support innovative services that can be pioneered by the public and the public and introduced to the global market,” he said.