South Korea Reveals 145 Million Blockchain Support Program

South Korea Introduces $14.5 Million Initiative to Support Blockchain Technology


By Hongji Feng
Updated on: June 17, 2024 04:21 EDT | 1 min read


The South Korea Ministry of Science and Information and Communication Technology (ICT) along with the Korea Internet & Security Agency (KISA) have announced a new project to support blockchain technology.
As reported by Naver, the program will focus on promoting six public sector projects for public services and eight private sector projects for commercialization, with a total budget of 20 billion won, equivalent to $14.5 million.
Boosting Blockchain Innovation in South Korea
The initiatives include the development of central bank digital currency (CBDC) based digital vouchers, digital badges, online referendums, and battery remaining life certification services.
One key project supported by the program is the creation of a CBDC-based digital voucher management platform by the Bank of Korea. This platform will allow various voucher programs to be easily accessed on mobile devices, enhancing digital payment efficiency and accessibility.
The Korea Employment Information Service is also working on an integrated employment support service based on digital badges, aimed at simplifying job matching and skill verification processes.
Another significant public project focuses on streamlining and digitizing the electronic notarization process led by the Ministry of Justice. 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, stated, “Blockchain support projects like digital badges align with the government’s digital platform policy to expand public data services.”
Diverse Projects Targeting Global Markets
In the private sector, various innovative projects will receive support. For instance, CP Labs is developing a blockchain support portal platform, while Oasis Business is providing financial management support services tailored for small business owners.
Additionally, AhnLab Blockchain Company is working on an electronic wallet service through API linkage, and Nonghyup Bank aims to create a token securities issuance platform for piece investment business operators.
“With blockchain technology now extending beyond finance into areas like mobile ID, online voting, and ticket scalping prevention, we will continue to identify and support innovative services that can benefit the public and be introduced to the global market,” said Eom Yeol.
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