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Korea selects 3 civilian-led blockchain projects

8.7 billion won invested in consortia led by E4NET, Hyundai AutoEver and SK Telecom

  • Shin Eun-dong
  • 2019-03-04 15:21:44
Korea selects 3 civilian-led blockchain projects
/과기정통부

E4Net, Hyundai AutoEver and SK Telecom have been named to take charge of civilian-led national blockchain projects supervised by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA). The science ministry plans to provide a total of 4.5 billion won this year for projects proposed by three consortia the companies head.

The selected projects are a decentralized donation platform (E4NET), a blockchain-based used car service platform (Hyundai AutoEver) and development and application of services in finance, telecom and education based on blockchain ID/authentication networks (SK Telecom).

The science ministry had conducted an open contest from Dec. 16 last year through Jan. 31 this year and received ideas put forward by 24 consortia (80 companies) comprised of flagship firms in manufacturing, communication and finance and blockchain startups.

Three consortia were selected as preferred bidders by an evaluation committee of civilian experts on the basis of feasibility, the extent of improvement by the application of blockchain and so on. The 8.7 billion won (4.5 billion won from government and 4.2 billion won civilian investment) projects will be launched after technical negotiations and the conclusion of an agreement in mid-March.

Kim Jeong-won, director-general of the ministry’s Internet Convergence Policy Bureau, said, “It’s urgent to create a blockchain industry ecosystem to keep our blockchain technology and industry competitive.” “The government will carry out its pump-priming role faithfully through policy support to build a system of virtuous cycle in which technology, manpower and enterprises grow together,” Kim added. /edshin@decenter.kr


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