The Korea Internet and Security Agency (KISA) has revealed its plans to develop public blockchain pilot projects to invigorate the domestic blockchain market.
This is according to a report seen on ZDNet Korea.
The government plans to expend an estimated $9 million to spread blockchain projects throughout public and private sectors. This year, the government has already spent roughly $3.8 million on the blockchain projects.
The aim is to find efficient cases in the public sector and to recognize the best options, bringing them to the commercial space through multi-year governmental support.
This year, the Ministry of Science and ICT received 72 project applications from 41 different groups, and picked six final projects for their development in the public sector. For 2019, the Ministry is set to double the number of projects to 12, with three to four “private-led” blockchain projects as well.
Min Kyung-sik, the head of KISA’s blockchain team who revealed the agency’s plans to work on projects next year while displaying the current results in November at a blockchain hackathon event, was quoted as saying:
“The purpose of the public sector is to play an active role in revitalizing the industry by acting as a primer […] We plan to make more money for public works projects.”
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