South Korea’s Defense Arm To Fund Blockchain Projects
South Korea is one of the few countries in South-East Asia to fully embrace the idea of using blockchain technology, as well as the advancement of digital currencies. In the latest crypto news, the country’s very own Defense Acquisition Program (DAPA) has launched a pilot specifically meant for developing blockchain applications for its defense industry.
Funding Blockchain Projects
According to the South Korean’s program, the government industry is looking to offer grants of up to 600 million South Korean won. This is about $530,000 in the U.S. currency. Interestingly, the amount is meant to be applied to each blockchain project.
As such, the country’s government is encouraging defense companies – both small and large – to apply for the funding. The latter, in particular, can be acquired through the official website of the Korea Internet & Security Agency or KISA. The agency is basically a sub-organization of both the ICT and South Korean Ministry of Science.
Development of the Fourth Industrial Revolution
As far as the official report is concerned, the decision to do so is part of South Korea’s efforts to significantly contribute to the overall development of the so-called Fourth Industrial Revolution (4IR) technologies. The 4IR of the country has been said to reportedly outline in its Defense Industry Development Plan, which was first launched in 2018.
4IR was put into reality by the country in hopes of developing emerging technologies. This includes, but not limited to, artificial intelligence (AI), autonomous systems, robotics, blockchain, and even big data analytics.
Sometime in September last year, the Korea Internet & Security Agency unleashed its plans to extend the public blockchain pilot projects in order to put life back to the domestic blockchain industry. And as part of its initiative, the country’s government revealed its plans to fund more than $9 million in order to put forward blockchain projects across the nation’s private and public sectors.
Blockchain Projects All Over The World
South Korea’s decision is not entirely a new thing in the industry. And while it has been vocal about its plans to take advantage of the blockchain technology, other countries like the United States have already made significant move. For instance, a division from the U.S. Air Force has already started developing a blockchain-powered educational tool mean for supply chain management. Using the tool would help the country in providing better visibility in terms of complex logistics network around the military.
It is interesting to see just how much of an achievement the South Korean government could achieve. And many enthusiasts are hoping that this decision would later inspire other countries to fully embrace the benefits of using blockchain technology.