Korea Blockchain Evaluation, a company that issues ratings on blockchain projects, began operations on Sept. 25, according to a report from the Cheongnyeon Ilbo and other local media.

The company believes that investors are harmed by the lack of information on blockchain projects and weak regulations. It added that professional, arms-length analysis using objective criteria are needed to correct the asymmetry that exists in the market.

According to the press reports, Korea Blockchain Valuation executives previously worked at Nice Credit Information Service, a Korean rating agency tracing its origins back to 1986. The company also has an advisory committee with security and blockchain experts.

Ratings from the new firm are multi-tiered. A technology rating is issued, ranging from T1 to T10, with the lower number being better. A business rating is also published, ranging from B1 to B10. From those, a final rating is arrived at, ranging from AAA to D. Ratings are maintained for two years.

A wide range of material is reviewed by the company. It examines a project’s white paper, the profile of the project team, technical evaluation data, three-year performance, the latest monthly financials and the shareholding structure.

Korea Blockchain Evaluation also considers in its ratings the competitive landscape, the competitiveness of the project being reviewed and the state of the market.

In addition to announcing its formation, the company also issued its first rating.

The project examined was Charzin, which provides blockchain solutions for the electric vehicle charging market. Korea Blockchain Evaluation gave the project a B4 business rating and a T5 technology rating. The final rating was BB.

In its review, Korea Blockchain Evaluation noted a number of positives. It said the company benefited from the existing electric vehicle charging infrastructure, while its model can be utilized in other e-mobility markets, such as the e-scooter market. The technology was seen as being transparent, secure and scalable.

Korean Blockchain evaluation hopes to expand into a number of areas, including fintech, education and energy.

Korea image via Shutterstock