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South Korea Announces $14.5 Million Blockchain Support Program

The South Korea Ministry of Science and ICT, along with the Korea Internet & Security Agency (KISA), is set to initiate a blockchain support initiative. As per a recent Naver report, this program aims to advance six projects in the public sector for enhancing public services, and eight projects in the private sector to facilitate commercialization. The total budget allocated for these endeavors is 20 billion won, equivalent to approximately $14.5 million.

South Korea Backs Blockchain Innovation

The projects encompass various innovative initiatives such as central bank digital currency (CBDC) based digital vouchers, digital badges, online referendums, and battery remaining life certification services.

For instance, the program will support the development of a CBDC-based digital voucher management platform by the Bank of Korea. This platform aims to facilitate the use of various vouchers on mobile devices, thereby enhancing the efficiency and accessibility of digital payments.

Additionally, the Korea Employment Information Service plans to introduce an integrated employment support service utilizing digital badges. These badges will streamline processes related to job matching and skill verification.

Furthermore, the Ministry of Justice is focusing on simplifying and digitizing the electronic notarization process as part of its public projects. This initiative aims to reduce paperwork and enhance the efficiency of legal procedures.

Eom Yeol, Director of Information and Communication Policy at the Ministry of Science and ICT, emphasized that these blockchain support projects, including digital badges, are aligned with the government’s digital platform policy to expand public data services.

Various Projects Targeting Global Market

In the private sector, the support will extend to several innovative projects. For instance, CP Labs will develop a blockchain support portal platform, while Oasis Business plans to provide financial management support services tailored for small business owners.

Additionally, AhnLab Blockchain Company aims to develop an electronic wallet service through API linkage, and Nonghyup Bank is working towards creating a token securities issuance platform for operators in the piece investment business.

Eom Yeol highlighted, “As blockchain technology extends beyond finance into areas like mobile ID, online voting, and ticket scalping prevention, we will continue discovering and supporting innovative services that benefit the public and can be introduced globally.”

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