£11.4m blockchain initiative set for 2024 launch in South Korea

South Korea launches comprehensive blockchain support initiative

£11.4m blockchain initiative set for 2024 launch in South Korea As a tech journalist, Zul focuses on topics including cloud computing, cybersecurity, and disruptive technology in the enterprise industry. He has expertise in moderating webinars and presenting content on video, in addition to having a background in networking technology.

The South Korean government has invested 20 billion Won (£11.4 million) in developing local blockchain expertise to reinforce its position in the blockchain industry.

Led by the ministry of science and ICT and the Korea Internet & Security Agency (KISA), the project is focused on refining and expanding blockchain services for both public and private uses.

The public sector is seeing significant advancements with the government’s focus on six blockchain-enhanced projects to better various services. One significant project is the Bank of Korea’s creation of a Central Bank Digital Currency (CBDC) voucher platform, which will enhance the usability of voucher programs on mobile devices and significantly advance the efficiency and accessibility of digital payments.

Another major project in the public sector is the Korea Employment Information Service’s creation of an integrated employment support service. This system will use digital badges to facilitate online job searching and skills verification, streamlining the hiring process for both employers and job seekers. The Ministry of Justice is also contributing to the initiative by leading efforts to digitalise and simplify the notarisation process, reducing paperwork and improving legal procedures’ efficiency.

Additional public sector blockchain projects encompass a system for the digitalisation of rice purchases in Gangjin-gun and a membership service in Incheon City that incorporates environmental practices through blockchain. These projects reflect the wide-ranging applicability of blockchain technology in public sector endeavours.

The private sector is also actively involved in this initiative. The government is supporting eight blockchain-based projects that span a range of industries and applications. CP Labs is developing a support portal for blockchain development, while Oasis Business is creating a solution to assist small business owners with financial management. Berry Wars is focusing on the development of an electric motorcycle to reduce carbon emissions and promote cleaner transportation.

Other noteworthy private sector projects include Ahnlab Blockchain Company’s development of an electronic wallet with advanced API linkage and Nonghyup Bank’s creation of a token securities platform for investors. These initiatives reflect the government’s strategy to encourage innovation in various sectors using blockchain technology.

Future outlook and global aspirations

Eom Yeol, the director of information and communication policy at the ministry of science and ICT, stated that the projects align with the government’s digital platform policy. This policy aims to broaden the coverage of public data services, support the application of digital technology to paperless operations, and simplify access to government services for residents.

The government also plans to support innovative public-use services based on blockchain. The technology is now being widely used in a range of industries other than finance, such as mobile identification, online voting, and prevention of ticket scalping. These initiatives are also being coordinated for global dissemination, with South Korea serving as a pivotal hub for blockchain solution applications.

The initiative is substantial and reflects South Korea’s commitment to becoming a leader in blockchain innovation, aiming to transform both national and private sector practices. As these projects advance, they could serve as models for blockchain implementation in other countries, thereby enhancing South Korea’s stature on the global blockchain stage.

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