The South Korean government promises to support blockchain startups to facilitate the growth of the sector


The Korean Ministry of Science and Information Communications Technology (MSICT) has promised further support to facilitate the growth of the domestic blockchain industry, Business Korea reported on September 21st.

Second Minister of Science and Information Technology Min Won-ki held a meeting with blockchain startups as part of the government's effort to establish contact with organizations in what he dubbed the 10 key areas of ICT in the Fourth Revolution industrial.

The meeting agenda was dedicated to the blockchain pilot projects launched by the government in order to strengthen the blockchain market and improve public services with the investment of 4.2 billion won ( $ 3.7 million). The participants examined the deployment of blockchain technology in customs clearance, animal origin and real estate transactions. Min said:

"Given the fact that there is no significant technological gap in the blockchain between South Korea and other countries, it is a good opportunity for South Korea to lead the sector, the government will actively support the companies to help them drive the global blockchain market. "

Blockchain startups highlighted the need to create a cloud-based blockchain environment, provide support for research and development in the private sector and create a healthy, competitive environment among manufacturers of national and foreign blockchains.

Although the South Korean government has banned all types of Initial Coin Offerings (ICO) and has not developed a related policy since then, the country is known for its proactive approach to the adoption of blockchain. [19659002] At the beginning of September, a partnership initiated by the MSICT began a six-month training course to transform forty-two candidates into "blockchain specialists", with the goal of increasing the availability of qualified professionals in the booming blockchain economy of South Korea.

Earlier this month, Cointelegraph also reported that the Korean Customs Service signed an agreement with Samsung SDS to implement blockchain technology for its customs clearance system . Customs services hope to simplify and ensure the sharing of documents at every stage, from customs declarations of products exported to delivery.

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