The
Korea Internet Security Agency (KISA) will support blockchain-related projects
in 2020 with 10,500 million won, about $ 9.0 million, in funding, but has ruled
out support for cryptocurrency projects or cryptocurrency exchanges.
It will
be the third year of this support from KISA, under the Ministry of Science and
ICT, according to the agency's announcement on Monday. The plans were discussed
at a meeting in Seoul on Friday of last week.
Around
10 projects will be chosen for next year, while one or two of them will receive
funding for several years. The maximum funding will be $ 1.2 million per
project, according to Min Kyung-sik, head of the KISA blockchain center.
Both
public and private sector projects may submit their application and the
application will be taken until November 11 with the results to be announced on
December 20.
The
public sector includes any of the 400 government entities, such as central
agencies, regional organizations and public institutions.
While LA
KISA ruled out support for cryptocurrency projects and cryptocurrency
exchanges, it does leave the door open to projects pursued by major financial
institutions that may involve tokens.
That
said, the 2020 plan is one step behind this year's commitment. In 2019, 12
projects were supported with a total of 11 million dollars of financing.
This
year's program included direct funding of $ 6 million and a cost reimbursement
of $ 5.4 million. However, the average funding per project will remain the same
in 2020, KISA notes.
This
year's projects included a donation platform, the used car service platform of
Hyundai Autoever and the initial blockchain identification platform, which was
supported by all major telephone companies in the country.
Other
projects in 2019 included a record management system for the National Archives,
a network for the exchange of medical information, a food safety system, an
electric vehicle battery registration system and a carbon emission registration
system.
During
the meeting held last week, Korea's National IT Promotion Agency (NIPA) also
promised ongoing support for blockchain-related projects.
SOURCE: Criptonews
