The Ministry of Science as well as the Ministry of Information and Communication Technologies of South Korea are preparing to launch a pilot program for the development of the country's blockade.
As part of Blockchain Technology Validation Support 2020, it is planned to select nine projects working with the blockchain, which will receive 450 million won (about $360,000). The organizers of the program said that startups will be selected based on the following criteria: the results of their current activities, the possibility of technical implementation of their concept in the future, the viability of the proposed technology, as well as the future development plan and the scope of tasks to be performed.
In addition, the agencies specified that, in order to participate in the project, firms must offer services in which the use of the blockage is mandatory and which will carry economic and social value. It is known that among the startups selected to participate in the program, five firms have already filed applications for patent registration, nine for copyright registration and two have held an investment round.
"South Korea intends to help local startups create business models based on blockbuster, Internet of Things (IoT), artificial intelligence and big data. We need to grow rapidly in this area while the market is still young," Park Yoon-kyu, Minister of Science and Technology, said.
South Korea is not only introducing the Blockchain into various fields, but is also preparing the ground for cryptographic companies in the country. Earlier this month, South Korea's parliament passed a bill to regulate cryptocurrency. In addition, in the first half of this year, the government plans to submit a new law that will require individuals to pay income tax on profits derived from trading in cryptocurrency.
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