South Korean Government Promises to Support for Blockchain Startups to Facilitate Industry Growth

November 20, 2018

According to Business Korea report on September 21, the Korean blockchain industry would receive further support from the Ministry of Science and Information Communications Technology (MSICT).

A meeting between blockchain startups and second Minister of Science and ICT Min Won-ki was held, proving the government’s effort in establishing the network with organizations, dubbing 10 major ICT sectors of the Industry 4.0 revolution.

The agenda for the meeting was devoted to blockchain pilot projects initiated by the government with the purpose of bolstering the blockchain market and advancing public services with the investment of 4.2 billion won ($3.7 million). Participants reviewed the deployment of blockchain technology in customs clearance, livestock provenance, and property transactions. Min said:

“Considering the fact that there is no significant blockchain technology gap between South Korea and the other countries, it is a good opportunity for South Korea to lead the industry. The government will actively back domestic companies to help them lead the global blockchain market”.

Blockchain startups highlighted the necessity to form a cloud-based blockchain environment, providing support for research and development in the private sector, and creating a healthy competitive environment between domestic and foreign blockchain developers.

Despite the prohibition against all kinds of Initial Coin Offerings (ICOs) and no related policy, South Korea is still known as taking the lead in adopting blockchain.

At the beginning of September, MSICT carried out a training course to turn forty-two applicants into “blockchain specialists” within six months with the purpose of increasing the number of blockchain professionals in South Korea.

According to Cointelegraph report earlier this month, an agreement between Korea Customs Service and Samsung SDS was executed in order to disrupt its customs clearance systems using blockchain. The deployment aims at streamlining and securing document sharing at every phase from customs declarations to delivery of exported commodities.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.


Twitter: @abr_blockchain

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us