The South Korean government has announced their support for blockchain startups in the country. Two government institutions are planning to invest up to $3,2 million in local startups to encourage the use of the technology.
The two Institutions are the Ministry of Science and ICT and the National Institute of Information and Communication Industry Promotion (NIPA). According to the announcement, they are going to launch a pilot program dubbed “Blockchain Technology Validation Support in 2020” to debut the project.
The government has selected 9 projects for the pilot program and each of them granted with $360,000 in funding. The target of support is small to medium-sized startups with blockchain technology. Among the program’s evaluation criteria are Excellence and feasibility of project performance, Business goals and jobs expected to be created.
The announcement also noted that, the projects selected must offer services with economic and social impact through the blockchain technology. They should also go beyond blockchain and create business models based on the Internet of Things (IoT), artificial intelligence and big data.
Park Yoon-kyu, the Minister of ICT said that they plan to support domestic specialized companies to rapidly grow and activate the ecosystem in the early stage of the blockchain market.
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