Korean Government to Lead 6 Blockchain Pilots With $9 Million Fund

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The South Korean government will invest 10 billion Korean won (or $9 million) to support blockchain development in the nation, with plans to bring out six pilots using blockchain technology.According to a reportfrom CoinDesk Korea, the nation’s Ministry of Science and ICT released a blockchain advancement method on Thursday. The company stated the government plans to invest$9 million in overall until completion of 2019 as part of the nation’s pursuit of “a medium- to long-lasting prepare for expanding blockchain technology.”

With that, the ICT ministry said it will take the lead to work with other federal government companies to conduct blockchain pilots in the public sector. The works will concentrate on livestock supply chain management, custom-mades clearance, online ballot, real estate transactions, cross-border e-document circulation and shipping logistics.The primary objective, according to the file, is to enhance the details sharing performance and transparency in these civil services using a distributed network. The ICT ministry described that it will team up with the Ministry of Agriculture, Food and Rural Affairs to release a system that updates the information of livestock from their breeding, shipping to sales on a dispersed ledger.As such, each party on the supply chain that works as a node on the blockchain can be informed more promptly so that in case of a problem, the follow-up duration could be lowered from 6 days to less than 10 minutes, the document said.Similarly, the blockchain pilot on the real estate market will be carried out with the Ministry of Land and Transport. It expects that by incorporating realty, tax and legal services with a blockchain, the property deals can become more structured and effective for consumers given that their details can be shared immediately amongst different celebrations.” We will develop a roadmap for developing blockchain innovation and strategy to protect 90% of the innovation level by 2022 compared with the world’s top countries,”the agency said.In addition, the ministry said will invest 800 million won (or $720,000)a year for as much as six years to expand a blockchain proving ground.

The objective is to inform students on the nascent innovation and to support 10,000 blockchain experts by 2022. Seoul landscape image through Shutterstock The leader in blockchain news, CoinDesk is a media outlet that pursues the highest journalistic requirements and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which buys cryptocurrencies and blockchain startups.