Korean Government Pledges Millions for Blockchain Companies
Two ministries in the South Korean government have jointly supported the development of technology verification projects for blockchain companies. The Ministry of Science and ICT along with with Ministry of Information and Communication Industry Promotion announced today that they would carry out the ‘Blockchain Technology Validation Support in 2020’ project to foster the growth of specialized blockchain companies and to vitalize the tech industry.
In a busy week for the Minsitry of Science and ICT already after yesterday finalizing the bid for Samsung’s mobile driver’s license service, nine projects in total were selected for the blockchain support program that will be awarded a share of the available 3.9 billion KRW ($3.2 mil).
The target companies for the support program are SMB’s with blockchain technology. The criteria for acceptance to the program were: excellence of current performance, feasibility of future performance, feasibility of technology verification, solid business goals and savvy, expected results, and level of jobs expected to be created.
The selected companies are expected to discover new services that can create economic and social value via blockchain or to have a business model that combines various 4th industrial revolution technologies such as IoT, AI, and Big Data.
The companies that were selected last year submitted 5 patente applications, 9 copyright registrations, 3 MOU’s, and 2 investment rounds.
The announcement of these new companies into the government program comes at a hot time for blockchain companies in South Korea since a landmark amendment to a financial bill passed recently. The new law laid out by the amendment legitimized cryptocurrency companies in South Korea and makes the development of blockchain companies that utilize cryptos far more open and transparent from a bureaucratic stand point.
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