South Korea will Double Blockchain Trials in Public Sector in 2019

Increased Blockchain Projects

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The government of South Korea has stated that it will increase its efforts towards public sector implementation of blockchain technology. A report from the government indicated that it’s planning to avail more money to fund Blockchain technology-related projects.

The country’s Ministry of Information Technology through the Korea Internet & Security Agency noted that it’s planning blockchain startup projects which will be aimed at improving the public sector from the current 6 to 12 before the end on 2019.

According to Min Kyung-Sik whose is the current leader of KISA blockchain team said that: “In 2019 were will expand blockchain projects to 12 in the public sector. More to that we are planning to support more private blockchain projects.” Through KISA, the South Korean government is also planning to add blockchain funding from the current $3.76 to more than $9 million.

The IT Ministry had reported in June that it was working in collaboration with all the other ministries in the country to ensure success in the projects and completion of the current six projects. The projects would be picked from more than seventy blockchain related ideas which had been submitted by different organizations. According to the ministry, the projects will be related to customs clearance, real estate transactions, online voting, livestock supply chain management, shipping logistics and cross-border e-document distribution.

The 6 ongoing projects in 2018 have received a total budget of $3.76. The budget was funded in two phases with 3 million dollars coming from the government and the remaining $0.76 coming from private contributors. The current projects are still ongoing with the ministry planning to announce the outcome of the projects before the end of November. After the announcement, KISA will then hold a Blockchain competition before the end of the year.

South Korea wants to become a Blockchain hub. Blockchain is considered to be the best invention of the 21st century. Blockchain technology is considered to be safe, secure and transparent.

 

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