South Korean government to double blockchain trials in public sector
The projects would be selected from a total of 72 blockchain related ideas submitted by different institutions.
September 05, 2018 / 02:46 PM IST
The Korea Internet & Security Agency (KISA), a sub-organisation of the Ministry of Information Technology, is aiming to increase the number of blockchain projects in the public sector from 6 in 2018 to 12 before the end of 2019. Min Kyung-sik, the current head of KISA's blockchain team said "In the next year, we are considering expanding blockchain pilot projects in the public sector to 12, and plan to support more than three private-led blockchain national projects".
As per a report in Coindesk, the South Korean government is also planning to add blockchain funding from the current $3.76 to more than $9 million through KISA. In the month of June, the IT Ministry had revealed that it was working in collaboration with all relevant ministries to successfully complete the current six projects in the public sector.
The projects would be selected from a total of 72 blockchain related ideas submitted by different institutions. As per the ministry, the projects will focus on real estate transactions, shipping logistics, customs clearance, livestock supply chain management, online voting, and cross-border e-document distribution.
KISA indicated that the 6 ongoing projects in 2018 have received $3.76 million with 3 million dollars coming from the government and the remaining $0.76 from private contributors.
The Ministry will announce the outcome of the projects in November and after the announcement, KISA will then hold a blockchain hackathon competition before the end of December to select new project ideas.