South Korea to input $9 million in pilots for blockchain development
Category: #world  By Pankaj Singh  Date: 2018-06-24
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South Korea to input $9 million in pilots for blockchain development

In an effort to boost the development of blockchain expertise in the country, the South Korean government has declared plans to invest 10 billion Korean won in six different pilots using the blockchain technology. The main reason for this investment, reportedly, is to enhance the information sharing efficacy and improve transparency in public services through a distributed network.

In a published document outlying the blockchain development strategy, the country's Ministry of Science and ICT stated that South Korea is pursuing a medium to long-term approach for advancing blockchain technology, and the government will be investing the total of USD 9 million until 2019 end.

The Korean ICT ministry further expressed its intentions of taking the lead to conduct the blockchain pilots in public sector and will closely work with government agencies. It confirmed that the principal areas of work for the pilots will be management of livestock supply chain, online voting, customs clearance, real estate dealings, cross-border electronic document distribution and shipping logistics.

Stating examples, the ICT ministry says that it will collaborate with the Ministry of Agriculture, Food & Rural Affairs to employ blockchain in a system that updates livestock data, such as information about breeding, shipping and sales on a distributed ledger. As a result, every party involved in the supply chain can be provided prompt notification of any problems so that the follow-up time can be reduced down to 10 minutes or less, compared to the usual six days.

On similar basis, the real estate blockchain pilot will be worked upon in co-operation with the Ministry of Land and Transport. ICT expects real estate transactions to become more efficient and organized for consumers by the integration all real estate services, taxation and legal facilities within a blockchain.

Sources claim that the ICT ministry will also invest USD 720,000 per year for a period of six years, aimed at expanding a research center committed to blockchain. Through this center, South Korea wants to educate students on this booming technology and create 10,000 blockchain specialists by 2022.



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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