The Korean domestic blockchain industry will surely get assistance for its growth from the Korean Ministry of Science and Information Communications Technology (MSICT).
The second Minister of Science and ICT, Min Won-Ki, on behalf of the government, arranged a meeting with blockchain startups to enhance to contact with organizations which are categorized 10 key ICT sectors of the 4th Industrial Revolution.
The agenda for the meeting was mainly focused on blockchain pilot projects which have started by the government. It was on purpose to support the blockchain market and boost public services with the investment of 4.2 billion won ($3.7 million). Attendees scrutinized the deployment of blockchain technology in customs clearance, livestock provenance and transactions for properties.
Min stated that now is a great time for South Korea to push itself to become a lead in the blockchain industry because there is no significant gap compared to other countries. He added that the government will assist domestic companies to become a world leader.
Blockchain startups in Korea emphasized the need to establish a cloud-based blockchain environment in order to give support for research and development in the private sector and pursue a favourable competition among domestic and foreign blockchain developers.
Regardless of the fact that South Korea is banning all types of Initial Coin Offerings (ICOs) and does not have specific regulations about it, the nation is considered as an attractive and proactive place to adapt blockchain technology. MSICT has started a partnership to make 42 applicants as “blockchain specialists” with six-month training since the beginning of this month.
Author: Jieun Lee