South Korea’s Blockchain Ambition

The Korea Internet and Security Agency (KISA) is on a mission. With the backing of the Ministry of Science and ICT, they’re gearing up to supercharge the local blockchain scene. We’re talking about $9 million set aside to bolster both public and private sector blockchain projects. That’s right, folks! Grab your coffee and get ready for a little deep dive into the world of blockchain and South Korea’s strategic plans.

The Financial Backing

This year alone, an impressive $3.8 million has already been funneled into various blockchain initiatives, and the fun isn’t stopping there. The government is keen on identifying efficient public sector use cases that can seamlessly transition to the commercial realm. The vision? Combine governmental support with real-world applications over multiple years. It’s a gradual climb, but this isn’t the tortoise and hare race—this is the blockchain marathon!

Project Applications and Selection

In a notably competitive call for innovation, the Ministry received a whopping 72 applications from 41 different institutions—talk about enthusiasm! Out of these, six projects have been given the green light for development this year. But guess what? They’re not stopping here. The plan for 2019 is to double the selected projects to a dozen. And let’s not forget the extra flair with three to four projects being private-led. Here’s hoping the winners of this blockchain lottery bring us something truly revolutionary!

Voices of Authority

The blockchain landscape is buzzing with activity. Min Kyung-sik, head of KISA’s blockchain team, has plans not just to launch projects but to display the fruits of their labor at a blockchain hackathon event this November. His words echo with ambition: “The public sector is not just sitting on the sidelines; it’s here to kick-start the industry. We’re in it to make money for public works projects.” Sounds like a win-win situation to me!

Legal Framework and Future Outlook

But wait, there’s more! Earlier this August, the government made a significant move by excluding cryptocurrency exchanges from the venture business legislation. The domestic blockchain community responded by forming a new agency, the “Blockchain Law Society,” which is crucial for developing a strong legal framework. This legal backbone could pave the way for distributed ledger technology (DLT) to thrive across various sectors, fostering innovation like never before. Looks like South Korea is determined to be a blockchain contender!