South Korean Government Taking Charge of Blockchain Projects

South Korean Government Taking Charge of Blockchain Projects

The government of South Korea is multiplying its efforts to test the blockchain technology in the public sector by presenting new projects and increasing funding for the next year. 

Doubling the Effort 

The Korea Internet and Security Agency (KISA) – a sub-association of the Ministry of Information and Communications Technology (ICT) – said it intends to increase the number of blockchain pilots in the public segment from 6 to 12 in 2019. 

Next year, the budget meant for blockchain pilot projects will consist of over 10 billion Korean won, which is approximately $9 million. 

In June, the Ministry of ICT released a plan seeing it work with other ministries to support 6 projects based on the technology in the public sector, chosen from a list of 72 ideas proposed by 41 organizations. The 6 ideas are focused on livestock supply chain management, real estate transactions, shipping logistics, cross-border e-document distribution and customs clearance. 

The outcomes of the projects will be revealed in November, after which KISA will host a blockchain hackthon contest in December in order to choose new ideas. 

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