South Korean govt supports Blockchain startups to help in industrial growth

South Korean

The Ministry of Science and Information Communications Technology (MSICT) in Korea has sworn for supporting to facilitate the growth of the domestic blockchain industry as reported by Business Korea as of 21st September.

Min Won-ki, the second Minister of Science and ICT held a meeting with numerous blockchain startups as part of the country’s effort to interact with organizations in what it has dubbed the 10 key ICT sectors of the Fourth Industrial Revolution.

The main agenda for the meeting was inclined to blockchain pilot projects organized by the government in order to support the blockchain market and revise public services with the investment of 4.2 billion won ($3.7 million). Those attendants reviewed the deployment of blockchain technology in a variety of areas of customs clearance, property transactions, livestock provenance.

Further speaking to the subject matter, Min said in his statement: “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.”

With this, the blockchain startups highlighted the urgency to set up a cloud-based blockchain environment that provides support for research and development in the private sector, and build a healthy competitive environment between domestic and foreign blockchain developers.

However the South Korean government has restricted all types of ICOs and has not crafted any specific regulations so far, the country is recognized for its proactive approach to blockchain adoption and its various use in place.

In September this year, a strategic partnership organized by the MSICT initiated a six-month training course to transform forty-two applicants into “blockchain specialists,” with the aim to enhance the availability of skilled professionals in South Korea’s growing blockchain economy.

At the beginning of this month, Cointelegraph is said to have reported that the Korea Customs Service has executed an agreement with Samsung SDS to set up blockchain technology for its customs clearance system. The customs services have already acquired to streamline the entire process by securing document sharing at each stage ranging from customs declarations of exported goods to delivery among others!!

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