22 Jun 2018
South Korean government to test six Blockchain projects.The projects will mainly focus on livestock supply chain management, online voting, cross-border e-document distribution and customs clearance.
22 June, AtoZ Markets – The government of South Korea is planning to invest 10 billion Korean won (around 9$ million) in order to support Blockchain development in the country. Reportedly, the officials are planning to implement six pilots with Blockchain technology.
As per local reports, the South Korean Ministry of Science and ICT has issued a Blockchain development strategy this Thursday. The agency has stated that the government is looking into investing $9 million in total until the end of 2019 into Blockchain. This move comes as a part of the country’s pursuit of "a medium- to a long-term plan for expanding blockchain technology."
The South Korean ICT ministry has stated that it will lead the work with some other government agencies to carry out Blockchain pilots in the public sector. The projects will mainly focus on livestock supply chain management, online voting, cross-border e-document distribution and customs clearance.
The key purpose behind this project is to advance the information sharing efficiency and transparency in these public services with the help of Blockchain. For example, the ICT ministry has explained that it will work with the Ministry of Agriculture, Food and Rural Affairs to establish a system that updates the data of livestock from their breeding, shipping to sales on Blockchain.
Moreover, each party involved in the supply chain that functions as a node on a distributed ledger can be informed in a faster way. In this case, if a problem occurs, the follow-up period could be cut from six days to less than 10 minutes, according to the official document,
In the same fashion, the Blockchain pilot for the real estate industry will be implemented with the Ministry of Land and Transport. It is anticipated that by the integration real estate, legal services, and taxation with a Blockchain, transactions can become more efficient and organized for consumers. The agency has stated:
"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 ministry has also stated it will invest 800 million won a year to improve Blockchain research center.
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