A new plan has been announced by the Korean Internet and Security Agency (KISA), a sub-organization of the North Korean Ministry of Science and ICT on its desire to expand public blockchain pilot projects throughout the private and public sector.
The objectives of this initiative are to revitalize the domestic blockchain market, to find an efficient and compelling use case in the public sector and to identify the best workable option by bringing them to par with the commercial sector through a multi-year national support program.
This initiative is projected to gulp about $9 million in its drive to spread different blockchain development projects throughout the private and public sectors.
ZDNet Korea on September 4 2018, noted that this year alone, the Korean government had spent $3.8 million on some blockchain projects. The Ministry of Science and ICT has received 72 project applications from 41 institutions this year. The Ministry selected six most viable projects that they felt that it will improve the economic development in the public sector, out of the lot.
To take up more blockchain projects next year, the ministry is now set to double the total number it will select to 12 most viable projects.
This new plan is expected to be a combination of both public and private initiatives. Three to four of these projects will be “private led” blockchain project.
The primary goal of this public-private sector initiative is for them to play an active role in revitalizing of the blockchain industry. This will be done by them acting as a primer to make more money for public related work projects.
Earlier in August 2018, the Korean Government passed a bill according to the country’s Ministry of Small and Medium-sized Enterprises (SMEs) and Startups (MSS) to exclude cryptocurrency exchanges from legislation that governs venture businesses.
Digital Daily Korea – a local news media outlet quoted Min. Kyung – Sik the head of KISA’s blockchain team who stated that the agency plans to develop these developmental projects next year, while displaying the present results of all the public development using blockchain technology at a blockchain hackathon event by November this year.
Kyung also added that “the domestic blockchain community has since set up a law-based agency, called the ‘Blockchain Law Society,’ to develop a legal framework for applications of distributed ledger technology (DLT), exploring the possibilities for its technological application in various areas of society.”