Korean Ministry of Science and ICT Launches Blockchain Initiative

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  • South Korea’s Ministry of Science and ICT has announced an initiative to revitalize blockchain technology in 2024
  • The initiative has been launched in collaboration with the Korea Internet & Security Agency (KISA)
  • 14 blockchain projects have been included, divided between public and private sectors

South Korea’s Ministry of Science and ICT announced yesterday that it will launch an initiative in 2024 aimed at revitalizing domestic blockchain technology and industry. The initiative, launched in collaboration with the Korea Internet & Security Agency (KISA), announced that 14 blockchain projects will make up its Blockchain Industry Promotion Strategy, split across the public and private sectors. The public sector will focus on discovering new public services, while the private sector will support the commercialization of blockchain companies. 

CBDC Vouchers Among Strategies

The two entities revealed their strategy yesterday, with the total investment for this project set at 20 billion won ($14 million) for the year. Key projects include central bank digital currency (CBDC)-based digital vouchers, digital badges, online referendums, and battery remaining life certification services.

In the public sector, the six projects being promoted are:

  • A CBDC-based digital voucher management platform for mobile use (Bank of Korea)
  • An integrated employment support service using digital badges (Korea Employment Information Service)
  • A digital badge issuance platform to verify lifelong education learning history (Korea Education and Research Information Service)
  • Electrification of the rice public purchase process (Gangjin-gun, Jeollanam-do)
  • Simplification and electronicization of the electronic notarization process (Ministry of Justice)
  • An integrated environmental practice membership service (Incheon City)

The private sector will see the promotion of eight projects:

  • A blockchain development support portal platform (CP Labs)
  • A financial management support service for small business owners (Oasis Business)
  • An electric motorcycle carbon reduction credit transaction service (Berry Wars)
  • A digital badge service based on academy learning history (Time Education C&P)
  • An electronic wallet development service based on API linkage (AhnLab Blockchain Company)
  • A token securities issuance platform for piece investment business operators (Nonghyup Bank)
  • A non-fungible token (NFT) service for mountaineering exercise routes (JMCS)
  • The construction of public common infrastructure for public institutions (Parameters)

Eom Yeol, Director of Information and Communication Policy at the Ministry of Science and ICT, emphasized the alignment of blockchain support projects with the digital platform government policy, which aims to expand public my data services, reduce paper use through digital technology, and provide more convenient government services.

He noted that blockchain technology is being utilized in diverse fields beyond finance, such as mobile ID, online voting, and ticket scalping prevention. The ministry intends to continue discovering and supporting innovative services that can benefit both the public and the global market.