South Korea Announces $14.5 Million Blockchain Support Program
The South Korea Ministry of Science and Information and Communication Technology (ICT) and the Korea Internet & Security Agency (KISA) will launch a blockchain support project.
According to a recent report by Naver, the program will promote six projects in the public sector for public services and eight in the private sector to support commercialization, with a total budget of 20 billion won, approximately $14.5 million.
The projects include central bank digital currency (CBDC) based digital vouchers, digital badges, online referendums, and battery remaining life certification services.
For instance, a CBDC-based digital voucher management platform by the Bank of Korea will be supported by the program. This platform will enable various voucher programs to be used on mobile devices, enhancing the efficiency and accessibility of digital payments.
The Korea Employment Information Service will also develop an integrated employment support service based on digital badges, which will streamline job matching and skill verification processes.
Another notable public project targeted the simplification and digitalization of the electronic notarization process by the Ministry of Justice. This initiative aims to reduce paperwork and increase the efficiency of legal procedures.
“Blockchain support projects such as digital badges are projects that are in line with the digital platform government policy to expand public data services,” stated Eom Yeol, Director of Information and Communication Policy at the Ministry of Science and ICT.
The private sector will see support for various innovative projects. For example, CP Labs will develop a blockchain support portal platform, and Oasis Business will offer financial management support services
