South Korea is set to invest 20 billion won ($14.5 million) in blockchain technology to improve the local blockchain industry and enhance public and private sector services. The project, divided into public and private sectors, aims to leverage blockchain for various applications, from digital payments to job matching and environmental practices.

In the public sector, six projects are being proposed, including the development of a central bank digital currency (CBDC)-based digital voucher management platform by the Bank of Korea. This platform will enable efficient and accessible digital payments through mobile devices. Another project is the integrated employment support service based on digital badges, which will help citizens secure jobs online using digital certificates.

The Ministry of Justice will lead a project to digitalize and simplify the electronic notarization process, reducing paperwork and increasing the efficiency of legal procedures. Additionally, the government will digitalize rice purchases in Gangjin-gun and integrate environmental practices in Incheon City through a membership service.

In the private sector, the government will provide support for eight blockchain-based projects. For instance, CP Labs will develop a blockchain development support portal, while Oasis Business will build a financial management solution for small business owners. Berry Wars will develop an electric motorcycle that reduces carbon emissions and promotes cleaner transportation, as well as an electronic wallet service with API linkage.

The government sees these blockchain support projects as aligned with their digital platform government policy, which aims to expand public data services, go paperless through digital technology, and provide more convenient government services to the people. 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.

With this investment, South Korea is poised to become a leader in blockchain technology, enhancing public and private sector services and promoting innovation and growth.