South Korea's Blockchain Support Project: Government and Private Sector Initiatives

The South Korea Ministry of Science and Information and Communication Technology (ICT) and the Korea Internet & Security Agency (KISA) have announced a comprehensive blockchain support project. This initiative aims to bolster blockchain innovation across various sectors with a combined budget of 20 billion won (approximately $14.5 million).

Key Highlights of the Blockchain Support Project

Public Sector Initiatives
1. Central Bank Digital Currency (CBDC) Digital Voucher Platform:
- Institution: Bank of Korea
- Purpose: To create a CBDC-based digital voucher management system that allows various voucher programs to be accessed and used via mobile devices, enhancing the efficiency and accessibility of digital payments.

2. Digital Badges for Employment Support:
- Institution: Korea Employment Information Service
- Purpose: To develop an integrated employment support service using digital badges, aiming to streamline job matching and skill verification processes.

3. Digital Notarization Process:
- Institution: Ministry of Justice
- Purpose: To digitize and simplify the electronic notarization process, reducing paperwork and increasing the efficiency of legal procedures.

4. Online Referendums and Battery Certification Services:
- Other notable projects include initiatives to support online referendums and services to certify the remaining life of batteries.

Eom Yeol, Director of Information and Communication Policy at the Ministry of Science and ICT, emphasized the alignment of these projects with the digital platform government policy to expand public data services.

Private Sector Initiatives
1. Blockchain Support Portal Platform:
- Company: CP Labs
- Purpose: To develop a portal platform that supports various blockchain-related services.

2. Financial Management Support Services:
- Company: Oasis Business
- Purpose: To offer tailored financial management support services for small business owners.

3. Electronic Wallet Service:
- Company: AhnLab Blockchain Company
- Purpose: To develop an electronic wallet service through API linkage.

4. Token Securities Issuance Platform:
- Company: Nonghyup Bank
- Purpose: To create a platform for issuing token securities tailored for piece investment business operators.

Strategic Goals
- Promoting Innovation: By supporting these projects, the initiative seeks to foster innovation in both public and private sectors, encouraging the development of new blockchain-based services.
- Global Market Introduction: The program aims to support services that can be experienced by the public and have the potential for global market introduction.
- Beyond Financial Applications: As highlighted by Eom Yeol, blockchain technology is being utilized in various fields beyond finance, such as mobile IDs, online voting, and ticket scalping prevention. The initiative will continue to discover and support innovative services in these areas.

Conclusion
South Korea's blockchain support project represents a significant commitment to advancing blockchain technology and its applications. By fostering public and private sector projects, the initiative aims to create a robust blockchain ecosystem that enhances public services, supports commercialization, and positions South Korea as a leader in blockchain innovation on the global stage.