South Korea to Launch 20 Billion Won Blockchain Support Program in 2024

On June 17, the South Korea Ministry of Science and Information and Communication Technology (ICT) and the Korea Internet & Security Agency (KISA) announced that they will jointly launch a blockchain support project program in 2024. This program is targeted towards boosting the blockchain technology and industry sector in the country.

According to the announcement, the initiative will be divided into two categories, the public sector, to discover public services, and the private sector, to support the growth of companies with a budget of 20 billion won (equivalent to $14.5 million). Among the projects include digital vouchers based on central bank digital currency (CBDC), online referendums, battery remaining life certification services, and digital badges.

Fourteen Blockchain Projects to Receive Promotion

Per the announcement, the promotion will target 14 projects across the public and private sectors. For the public sector, six projects will be promoted including establishing a CBDC-based digital voucher management platform usable on mobile devices, introducing a digital badge-based employment support service by the Korea Employment Information Service, and establishment of a digital badge issuance platform by the Education and Research Information Service to confirm learning history of higher lifelong education courses.

Other projects include the Electrification of the rice public purchase process by Gangjin-gun, Jeollanam-do, Integrated environmental practice membership service by the Incheon City, and the electronicization of the electronic notarization system notarization process to create a simplified system by the Ministry of Justice.

For the private sector, a total of eight projects will be promoted. Some of the notable projects include a Blockchain development support portal platform by CP Labs, a financial management support service targeting small business owners by Oasis Business, and an electric motorcycle carbon reduction credit transaction service by Berry Wars.

Other private sector projects include Digital badge services based on academy learning history and an electronic wallet development service based on API linkage. See the full list here.

Speaking on the development, the Director of Information and Communication Policy at the Ministry of Science and ICT, Eom Yeol, expressed their commitment to discovering and supporting new innovative services that can be accessed by both the public and the private sector.

“As blockchain technology is currently being used in various fields beyond the financial sector, such as mobile ID, online voting, and ticket scalping prevention, we will continue to discover and support innovative services that can be experienced by the public and the public and introduced to the global market,” he said.