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.


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