South Korea is committed to supporting the development of the country's blockchain technology and has announced a grant of 3.9 billion won ($ 3.09 million) in its latest initiative. The grant will be managed by the Korean Ministry of Science and Information and Communications Technology (ICT), will support up to 9 blockchain companies, and will select companies based on their current performance, the level of employment created, etc.
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The Ministry of Science and Information and Communications Technology (ICT) said in a press release that the project will be called "Blockchain Technology Validation Support 2020" and revealed that it will Manage it with help. The two parties will select nine companies developing blockchain solutions, each of which will receive 450 million won ($ 356,000), and the application period will end on November 30.
The grant will seek to support small and medium-sized blockchain companies. The main factors of the assessment will be the company's performance feasibility to date, the specificity of the technical verification, the business objectives, the expected impact on the country, and the expected employment opportunities. Companies that combine blockchain with other Fourth Industrial Revolution technologies, including artificial intelligence and the Internet of Things, will be given special consideration.
This is not the first time the South Korean government has issued a grant to a blockchain company. Last year, the South Korean government selected 11 companies for support. These companies have subsequently submitted 5 blockchain patent applications, registered 9 copyrights, and made two rounds of investment.
South Korea's ICT Minister Park Yun-kyu said the government will support emerging technologies such as blockchain and said:
"We plan to support domestic professional companies to rapidly develop and activate the ecosystem in the early stages of the blockchain market."
South Korea has been supporting blockchain technology and digital currencies, and recently became one of the few countries to establish a digital currency regulatory framework. The country's legislature passed a bill earlier this month that introduced a framework to regulate digital currencies and operators in the industry. These include guidelines related to compliance with Task Force regulations, such as anti-money laundering and counter-terrorism financing policies.
The government's "pro-blockchain" strategy has enabled many companies in the country to adopt the technology. Electronics giants Samsung and LG are companies that have invested heavily in blockchain research and development. Earlier this month, the organization formed by the two companies launched their blockchain identification system for the first time, which is now used by a bank in the country. The association is called the Initial DID Association, and other members include Hyundai, KEB Hana Bank, KT, and Koscom.