South Korea To Go Double Time With Blockchain Trials Next Year

Many countries are on the blockchain train right now, testing and implementing blockchain solutions for many tasks, and South Korea is no exception, with the Asian nation announcing plans to go all-in on blockchain.

South Korea

The Korea Internet & Security Agency (KISA) has announced its aim of increasing the number of blockchain projects in the public sector from this year’s six to twelve by 2019, Korean crypto news portal CoinDesk Korea reported on September 4.

Min Kyung-sik, the head of KISA’s blockchain team said in an interview that by next year, they “are considering expanding blockchain pilot projects in the public sector to 12, and plan to support more than three private-led blockchain national projects.”

The government will also help boost the project by raising the budget for 2019 to more than 10 Billion Korean won, or $9 Million, in addition to the previously reported $9 Million funds for 2018 and 2019.

Korea Internet & Security Agency (KISA)In June of 2018, the Ministry of ICT unveiled a developmental plan that would see the agency collaborate with several other government ministries to develop six blockchain projects in the public sector. The projects would be chosen from a pool of 72 project ideas sent in by 41 groups.

The six chosen projects focus on the fields of livestock supply chain management, customs clearance, online voting, real estate transactions, cross-border e-document distribution and shipping logistics.

The KISA indicated that for 2018, the national government has earmarked $3.76 Million for the six projects, with $3 Million from the government and the remainder from private contributions

The results of the blockchain trials will be revealed in November of this year, after which KISA will hold a blockchain hackathon competition in December to help choose new project ideas.

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