South Korea to Invest $14.5M in Blockchain Technology to Enhance Public and Private Sector Services

UTC by Temitope Olatunji · 3 min read
South Korea to Invest $14.5M in Blockchain Technology to Enhance Public and Private Sector Services
Photo: Freepik

Six projects are being proposed for the public sector, including the development of a CBDC-based digital voucher management platform by the Bank of Korea.

Through the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA), the South Korean government plans to launch a 20 billion won blockchain support project, which is about $14.5 million, aiming to improve the local blockchain industry and technology.

The project will be divided into two parts: the public sector and the private sector. In the public sector, blockchain will be used to improve public services, while the private sector will receive support to commercialize blockchain solutions.

Public Sector Initiatives

Six projects are being proposed for the public sector, including the development of a central bank digital currency (CBDC)-based digital voucher management platform by the Bank of Korea. This platform will allow various voucher programs to be used on mobile devices, improving the efficiency and accessibility of digital payments.

Another public sector project is the integrated employment support service based on digital badges developed by the Korea Employment Information Service. The idea behind this is to enable citizens of the country to secure jobs online using digital badges, like online certificates, making it easier to match people with jobs and show their skills.

Additionally, the Ministry of Justice will lead a project to digitalize and simplify the electronic notarization process, reducing paperwork and increasing the efficiency of legal procedures. Also, the government will digitalize rice purchases in Gangjin-gun and integrate environmental practices in Incheon City through a membership service.

Private Sector Support

In the private sector, the government will provide support for eight different blockchain-based projects. For instance, CP Labs, a technology company, will develop a blockchain development support portal. At the same time, Oasis Business will build a solution that will cater to small business owners in terms of financial management.

Similarly, Berry Wars will be developing an electric motorcycle that will reduce carbon emissions and promote cleaner transportation, as well as an electronic wallet service with API linkage developed by AhnLab Blockchain Company. Nonghyup Bank will also create a token securities issuance platform for investment business operators.

Future Plans and Global Market Introduction

According to the words of Eom Yeol, Director of Information and Communication Policy at the Ministry of Science and ICT, the government sees these blockchain support projects as aligned with their digital platform government policy, which aims to expand public data services, go paperless through digital technology, and provide more convenient government services to the people. He said:

“Blockchain support projects such as digital badges are projects that are in line with the digital platform government policy to expand public my data services, go paperless through digital technology, and provide more convenient government services to the people.”

Yeol further revealed that the government plans to continue supporting innovative blockchain-based services that can be used by the public. The technology is being applied in various fields beyond finance, such as mobile ID, online voting, and ticket scalping prevention, with an effort aimed at expanding to the global market.

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