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South Korean Government to Support Blockchain Initiatives and Startups

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The Korean MSICT (Ministry of Science and Information Communications Technology) pledged its commitment and support to catalyze the growth of the Blockchain sector.

Support for Blockchain Startups

Min Won-ki, the Second Minister of Science organized a meeting with blockchain startups. The initiative was a part of the Korean government’s efforts to establish collaborations with companies. The government seeks such contacts in the ten key ICT sectors of the Fourth Industrial Revolution, as the government calls it.

The meeting debated the planned pilot projects to promote growth in this sector. Additionally, the experts deliberated over improving public services with an investment of 4.2 billion won ($3.7 million).

Furthermore, participants in the meeting considered the deployment of blockchain tech in various sectors including livestock provenance, customs clearance, and property transactions.

In the words of Min:
“Considering the fact that there is no significant blockchain technology gap between South Korea and the other countries, it is a good opportunity for South Korea to lead the industry. The government will actively back domestic companies to help them lead the global blockchain market.”

In addition, the startups participating in the event expressed the need to focus on a cloud-based environment. They also emphasized the need for providing support for R & D in the private sector. Furthermore, they indicate the necessity for creating healthy competitive relationships between the domestic Blockchain developers and their foreign counterparts.

Regulations in South Korea

The government of South Korea initially banned all types of ICOs (Initial Coin Offerings). Since then they failed to develop a policy which is pertinent to this issue.

The country, however, is known for its affinity to and proactive adoption of the Blockchain technology.

The MSICT initiated a partnership in September wherein it launched a six-month training course that aims to train expert in this field.

This initiative will increase the pool of skilled blockchain professionals in South Korea.

Moreover, the Korean Customs Service signed an agreement with Samsung SDS. According to this partnership, they will use the technology in the customs clearance system.

This technology will help streamline and secure document sharing at different stages from customs declarations of the exported goods to delivery.



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