A global market is currently paying attention to the merits of blockchain technology and many governments support the technology to enhance its usability. Especially, blockchain technology is highly developed in East-Asian countries.

Many blockchain projects are based on Korea, and there are many cryptocurrency investors and exchanges the country. Moreover, blockchain technology is highly developed in S. Korea.

The S.Korean government is one of those governments that support blockchain technology with its high interest in blockchain. It tries hard to utilize blockchain technology in real life and spread actual use cases.

For example, the National Election Commission and Seoul City have developed a blockchain-based election system. Also, the Ministry of Land, Transport and Maritime Affairs plans to develop a blockchain-based real estate information sharing platform. Recently, the government announced that it would grant USD 3.2 million to the new Blockchain companies established in the country as part of a financing program.

But this is not the first time that the government, through the Ministry of Science and Technology, supported blockchain companies. Last year, FLETA was selected by the South Korean Government’s National IT Industry Promotion Agency — known as NIPA — to develop the eCRF system under the FLETA blockchain technology.

The eCRF system is a Blockchain-based clinical trial data collection tool that aims to avoid the falsification, omission and errors of clinical trial data when registering them in the blockchain. It was coordinated by Hanyang University and St. Mary’s Hospital to conduct real-world patient testing at the hospital to successfully develop the system.

The example of FLETA shows the government’s interest in blockchain and likewise, blockchain technology is applied to more and more industries in Korea. It is expected that Korea will be an essential part of the global blockchain market.

The firm steps that the Korean government is taking to support Blockchain platforms like FLETA is different from the ideas of a Maltese- or Swiss-style Crypto Valley. Instead of bringing blockchain projects of other countries, the S. Korean government chose to support blockchain companies established in the country.

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