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Manchester
August 15, 2018
Blockchain

The government of Korea to start 6 Blockchain pilots with a corpus of $9 million

Korean government plan to implement blockchain based technology at a cost of $10 million won. It plans to carry out 6 pilot projects based on blockchain technology
As a medium to long-term strategy to promote blockchain based projects, the Korean government is to invest $10 million until the end of 2019. According to a correspondence the country’s Ministry of SCIENCE and ICT published a blockchain development strategy.
The ICT ministry stated that it is going to vanguard blockchain pilot projects in the public sector working together with other government agencies. The works will focus on livestock supply chain management, customs clearance, online voting, real estate transactions, cross-border e-document distribution and shipping logistics.
For example, it will partner with the ministry of agriculture,food, and rural affairs to develop a mechanism that updates information on livestock from breeding, shipping to sales on a blockchain platform, explained ICT ministry
As such, each party on the supply chain that functions as a node on the blockchain can be informed more promptly so that in case of a problem, the follow-up period could be reduced from six days to less than 10 minutes, the document said.
On the same line, the blockchain pilot will be deployed in real state industry which will be carried out by Ministry of land and transport. Such an integration of real state, taxation and legal services will streamline the real estate transactions and make the process efficient since their information can be shared spontaneously among different parties
“We will establish a roadmap for developing blockchain technology and plan to secure 90% of the technology level by 2022 compared to the world’s top countries,” the agency said.
What’s more, the mentioned service will contribute 800 million won (or $720,000) multi-year for up to six years to extend a blockchain research center. The objective is to educate students on the incipient innovation and to sustain 10,000 blockchain experts 2022.

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