South Korea Unveils 145 Million Program to Support Blockchain

South Korea Unveils $14.5 Million Blockchain Support Initiative


Hongji Feng
Last updated:
June 17, 2024 04:21 EDT
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1 min read


The South Korean Ministry of Science and Information and Communication Technology (ICT) and the Korea Internet & Security Agency (KISA) are gearing up to kick off a new blockchain support program.
As reported by Naver, the initiative will focus on six public sector projects aimed at enhancing public services and eight private sector projects to boost commercialization efforts, with a total budget of 20 billion won, equivalent to around $14.5 million.
South Korea Shows Support for Blockchain Advancements
Among the projects are plans for central bank digital currency (CBDC) based digital vouchers, digital badges, online referendums, and battery remaining life certification services.
For example, the Bank of Korea will be developing a CBDC-based digital voucher management platform with assistance from the program. This platform will allow for various voucher programs to be easily accessed on mobile devices, improving the efficiency and accessibility of digital payments.
Furthermore, the Korea Employment Information Service is working on an integrated employment support service utilizing digital badges to streamline the job matching and skill verification processes.
One of the public projects also focuses on simplifying and digitizing the electronic notarization process, led by the Ministry of Justice. The goal of this initiative is to cut down on paperwork and boost the efficiency of legal procedures.
Eom Yeol, Director of Information and Communication Policy at the Ministry of Science and ICT, emphasized the alignment of these blockchain support projects with the government’s digital platform policy to expand public data services.
Diverse Projects Targeting the Global Market
The private sector is also set to benefit from support for innovative projects. CP Labs will be working on a blockchain support portal platform, while Oasis Business will be providing financial management support services tailored for small business owners.
Additionally, AhnLab Blockchain Company plans to develop an electronic wallet service through API linkage, and Nonghyup Bank aims to establish a token securities issuance platform for piece investment business operators.
With blockchain technology extending beyond the financial sector into areas like mobile ID, online voting, and ticket scalping prevention, Eom Yeol expressed the commitment to continue discovering and backing innovative services that can be utilized by the public and introduced to the global market.
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