South Korea Injects $9M To Help Blockchain Startups

Asia Blockchain Review
November 7, 2019

The Korea Internet Security (KISA) has disclosed plans to provide 10.5 billion won (US$9 million) in funding to six startup companies in 2020 through 10 projects in both the private and public sectors. Digital tokens will be used to assist with the funding.

The maximum amount of funding for each project is $1.2 million, according to the Min Kyung-sik, head of KISA’s blockchain center.

Rolling Out the Blockchain Expansion Plan

South Korea’s Ministry of Science and ICT recently published a plan on the implementation of blockchain in the country. This comprehensive, medium-to long-term plan lays out the guidelines for employing blockchain technology in the near future.

Under the plan, the Science and ICT ministry will collaborate with various government agencies on blockchain pilot projects in the public sector. In the initial stage, the projects will focus on online voting, real estate transactions, livestock supply chain management, customs clearance, and cross-border document distribution.

Last week, the government announced a new blockchain-based ID verification system to be implemented in some parts of the country. The system will verify confidential documents such as graduation and employment certificates for employers and government agencies.

Hundreds Interested in Applying for Funding

The funding will receive applications from both private and public sector projects on November 11, with the final determination to be made on December 20. Around 400 entities in the public sector are reportedly interested in applying for the funding.

KISA says it will seek cooperation with major financial institutions that have the capacity to supply digital tokens to process the funding, instead of cryptocurrency projects or crypto exchanges.

South Korea originally planned to inject US$11 million to support 12 blockchain projects, but later cut the amount by nearly US$2 million.

Source: coingeek.com


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.

Follow Asia Blockchain Review on:

Related Article
Tencent Granted Blockchain Bank License in Hong Kong
Major Chinese tech company Tencent has recently been granted a blockchain bank license from the Hong...

November 19, 2019

US Taps Mavennet to Track Canadian Oil and Gas with Blockchain
Canada’s own Mavennet has been selected by the US Department of Homeland Security to develop and imp...

November 19, 2019

Tradewind Developing Blockchain-based Platform for Precious Metal Trade
Fintech company Tradewind Markets has announced that it will launch a blockchain app for the preciou...

November 19, 2019

Marseille Port Successfully Ends Trial for Blockchain System
Marseille Fos Port Authority has successfully carried out a blockchain test to develop solutions tha...

November 18, 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