The Ministry of Science and ICT and the Korea Internet & Security Agency (KISA) are launching a 20 billion won (approximately $14.5 million) project to develop the local blockchain industry and enhance its technology. The project will be divided into two parts - the public sector and the private sector. In the public sector, blockchain technology will be used to improve public services, while the private sector will receive support to commercialize blockchain solutions.

Six projects have been proposed for the public sector, including the development of a digital voucher management platform based on central bank digital currency (CBDC) by the Bank of Korea. This will enable voucher programs to be used on mobile devices, improving the efficiency of digital payments. Another project is the integrated employment support service based on digital badges developed by the Korea Employment Information Service, which will help match people with jobs online. The Ministry of Justice will also digitalize and simplify the electronic notarization process, reducing paperwork and increasing the efficiency of legal procedures.

In the private sector, the government will provide support for eight different blockchain-based projects. CP Labs will develop a blockchain development support portal, Oasis Business will offer financial management support services for small business owners, and AhnLab Blockchain Company will develop an electronic wallet service through API linkage. Nonghyup Bank will also create a token securities issuance platform for investment business operators. These projects will help expand public data services, go paperless through digital technology, and provide more convenient government services.

The government believes that these blockchain support projects are aligned with their digital platform government policy. They plan to continue supporting innovative blockchain-based services that can be used by the public. The technology is being applied in various fields beyond finance, such as mobile ID, online voting, and ticket scalping prevention, with an effort aimed at expanding to the global market.

This investment in blockchain technology is a significant step for South Korea in becoming a leader in the global market. The country is already one of the most digitally developed globally, and this move will further bolster economic growth following the pandemic. The government is committed to supporting domestic specialized companies to rapidly grow and activate the ecosystem in the early stages of the blockchain market.