South Korea plans to invest 20 billion won (approximately $14.5 million) in a blockchain support project to enhance the local blockchain industry and technology.
Spearheaded by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA), the initiative will focus on six public sector projects, including developing a CBDC-based digital voucher management platform by the Bank of Korea.
In addition to the public sector projects, the program will support eight private sector initiatives aimed at commercialization. This comprehensive effort seeks to strengthen both public services and private industry applications, promoting the growth and adoption of blockchain technology across South Korea.
Public Sector Initiatives:
The South Korean government’s blockchain support initiative encompasses a range of public sector projects to modernize services and enhance efficiency through digital innovation. Among the proposed projects is the development of a central bank digital currency (CBDC)-based digital voucher management platform by the Bank of Korea. This platform will facilitate using various voucher programs on mobile devices, simplifying and improving digital payment accessibility.
Another public sector project involves the Korea Employment Information Service’s creation of an integrated employment support service utilizing digital badges. Similar to online certificates, these badges will enable citizens to secure jobs more effectively by showcasing their skills and qualifications in a streamlined online process.
Additionally, the Ministry of Justice will lead efforts to digitize and streamline the electronic notarization process, aiming to reduce paperwork and enhance the efficiency of legal procedures.
Private Sector Initiatives:
South Korea focuses on supporting eight new projects in the private sector. CP Labs will create a platform to help developers in blockchain technology. This will make it easier for them to get involved and progress in this field.
Oasis Business plans to use blockchain to improve small business financial management. This will streamline financial processes and help small businesses more effectively.
South Korea aims to use it in areas like mobile ID, online voting, and ticket fraud prevention. Eom Yeol, Director of Information and Communication Policy at the Ministry of Science and ICT, highlighted the government’s goal to introduce innovative services that benefit the public and can compete globally.
This policy aims to enhance public data services, transition to digital processes to reduce paperwork, and deliver more convenient government services to citizens. Yeol highlighted the importance of projects like digital badges, which align with these goals by facilitating streamlined service delivery through digital means.
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