South Korea plans to invest 20 billion won (approximately $14.5 million) in a blockchain-related project that will help to improve the blockchain sector and technology locally.
The initiative is led by an organization called the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA). The initiative will be focused on six projects of the public sector that include the development of an online CBDC-based management system by KISA, the Bank of Korea.
Alongside the projects in the public sector and the public sector projects, the program will help the private sector with eight initiatives that aim at commercialization. This broad effort aims to enhance both public service and private sector applications, encouraging the development and use of blockchain technology in South Korea.
Public Sector Initiatives
This South Korean government’s blockchain support initiative encompasses a wide range of projects in the public sector to modernize services and increase efficiency using digital innovations. The most prominent of these projects is the creation of a central bank digital currency (CBDC)-based digital voucher management platform developed by the Bank of Korea. The platform will make it easier to distribute voucher applications on mobile devices, making it easier and increasing the accessibility of digital payments.
Another public sector initiative is Korea Employment Information Services’ establishment of an integrated support system for employment services using digital badges. Similar to online certificates, these badges will allow individuals to find jobs more definitely by displaying their abilities and credentials through a simple online procedure.
In addition, The Ministry of Justice will lead efforts to streamline and digitize the process of electronic notarization in order to cut down on paperwork and increase the effectiveness of the legal processes.
Private Sector Initiatives
South Korea focuses on supporting eight new projects within the business sector. CP Labs will create a platform that will benefit those working in Blockchain technology. This makes it easier for users to join and advance in this area.
Oasis Business plans to use blockchain technology to raise small-scale business financial management. This will improve financial management and benefit small-sized companies more energetically.
South Korea aims to use it for areas such as electronic voting, mobile identity, and ticket fraud prevention. Eom Yeol, Director of Information and Communication Policy at the Ministry of Science and ICT: The government has set out its goal to create new services that are beneficial to people and are competitive internationally.
The policy seeks to improve government data service, move to digital processes in order to cut down on the amount of paperwork, and provide better government services for citizens. Yeol pointed out the importance of projects such as digital badges that align with these goals by making it easier to deliver services through digital channels.
