Two South Korean ministries have appear their support for the blockchain industry in the state with plans to classify upward to $three.2 million in funding to local startups to encourage the utilise of such technology.

The Ministry of Science and ICT (Data and Communications Technology) and the Ministry of Information and Communication Industry Promotion volition launch a pilot program called "Blockchain Technology Validation Support in 2022" to carry out the project, according to a March sixteen report.

The programme is to select 9 projects through complimentary public offerings and grant each 1 upwardly to 450 1000000 won ($360,000) in funding.

Amid the program's selected criteria is the excellence of electric current performance, the feasibility of future functioning, the feasibility of technology verification, solid business organization goals and savvy, expected results, and level of jobs expected to be created.

Project's key targets

The companies selected, according to the project, must offer services that can create economical and social value through blockchain technology.

About the program, Park Yoon-kyu, Minister of ICT, said the post-obit:

"We plan to support domestic specialized companies to rapidly grow and activate the ecosystem in the early on stage of the blockchain market place."

Across blockchain, the projection encourages participating startups to create concern models based on the Internet of Things (IoT), artificial intelligence and big information.

Co-ordinate to the announcement, the companies selected last year applied to five patents, nine copyrights registrations and two investment rounds.

Pivotal moment for blockchain development across S Korea

The news comes at a critical moment for the evolution of the blockchain ecosystem in South Korea. Cointelegraph reported on March 5 that the country passed a law to innovate a permit system for cryptocurrency exchanges.

On February 18, CT also reported that the Bank of Korea was looking to deploy blockchain in bond marketplace engineering science, which would allow the distribution of bond records amid all participants.