In a wake of South Korean government official’s optimistic view on crypto and blockchain, the Korea Internet and Security Agency (KISA) has expanded its blockchain public pilot projects from 6 in 2018 to 12 in 2019.

Is South Korea in a Right Direction?

Per the local South Korean media outlet, KISA and the Ministry of Information and Communication (MIC) widened their support towards blockchain pilot projects intends to boost “public sector and discover best practices” backed by blockchain technology. According to report, there were 6 blockchain pilot projects finalized in the year 2018 which was worth KRW 4 billion but they have apparently expanded their support to 12 projects this year which reportedly worth double the value, i.e KRW 8.5 billion.

Reports further revealed that there will be a total of 32 companies, expected to be in the circle to conduct expanded pilot projects this year. Participating entities include LG CNS, Hancom Secure, Coinplug, KT and others.

A total of 32 companies * will be selected to conduct the 12 projects of the pilot project in 2019, and these companies will share their business plans through a briefing session on April 1-2. I have, the blog reads (translated version)

The pilot projects diverse in various categories including defense, part-time worker rights protection, disaster prevention, and response service, medical and healthcare, food safety management certification service platform, renewable energy certificate (REC), carbon credits history management system and many others.

The announcement reads that;

“Blockchain technology is now in full swing,” a KISA official said. “By implementing the blockchain pilot project, we have complemented the limitations of existing ICT technology and applied various convergence technologies to areas close to real-[life situations]. We will continue to strive to improve the quality of life of our people. “

This report comes in view of recent crypto and regulation discussion by South Korea’s top officials, which was originally followed by the budding price of Bitcoin. However, the earlier discussion hints the less-restrictive regulations on cryptocurrency within the nation.

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