South Korea’s Ministry of Science and ICT, in collaboration with the Korea Internet & Security Agency (KISA), has introduced a blockchain funding project valued at over $14.5 million. This plan is brought to life by encouraging public sector projects to promote six simple projects and eight private sector projects to assist the commercialization of public goods.
South Korea Endorses Blockchain Innovation
CBDC digital vouchers, digital badges, online referendums, and battery life certification services are just some of the projects that are being proposed.
Another example could be the Bank of Korea’s parking lot rental system that would be based on the use of vouchers. The objective of this platform is to allow for various payment modes including those of the short-range electric vehicles on mobile devices. This way the systems’ efficiency and also accessibility of digital payments are increased.
Moreover, the Korea Employment Information Service will build a single employment support system that is totally based on the model of digital badges. This method would simplify the job matching and skill verification processes through the computerized system. It also would thus provide a better quality of service to the employees.
Meanwhile, yet another is the e-notarization process, a digitized project being led by the Ministry of Justice. The major goal for this pilot is to get rid of paperwork and then reduce the time for completing the legal procedures.
“Government-backed projects that have a direct bearing on the public platform through the use of badges for skills delivery are in line with their aim to expand their data services”, commented Mr. Eom Yeol, the Director of Information and Communication Policy at the Ministry of Science and ICT.
Various Projects Targeting Global Market
The private sector will sponsor a range of groundbreaking projects. With the support of the CP Labs, a blockchain learning portal platform will be developed, and Oasis Business will deliver financial management support services that are specifically for small business owners who deserve personalized advice.
Additionally, the Nonghyup Bank token securities issuance platform is one of the things that they are going to do with their plans for the year. AhnLab has an idea to create the world’s first API wallet service, an electronic wallet service through API linkage.
“As for blockchain technology, new areas have been taken as a reference for the development of mobile ID, in online voting streams and defense against ticket scalping as well. In the future, we will continue to seek out and encourage creative solutions that not only our community members could benefit from but also be introduced to the international market”, said Eom Yeol.
This all-embracing blockchain support program is an illustration of South Korea’s endeavor to prioritizing technological innovation and broadening its digital infrastructure in the domestic as well as international IT sector.
