The Korean government has been focused on exploring ways to use Blockchain technology to address some public sector challenges. Blockchain technologies can offer the Korean government a quick, efficient, secure, and most of all transparent means for government services for the public. Therefore, the Seoul Metropolitan Government will launch a Seoul Blockchain Support Center in Mapo. The center will nurture Blockchain startups and find new Blockchain technologies that can be used in Seoul.
Ways the Korean government can utilize Blockchain technology:
- supply chain
- medical records
- voting
- taxation
- transportation
- real estate
- tokenized social welfare
- city digital currencies
The Future of Blockchain in Korea
There are still certain hurdles to overcome for Blockchain startups in Korea. The Korean government has not come out with regulations regarding cryptocurrencies. Furthermore, the pathway to adoption could be both complex and costly. Therefore, in order to help with the transition process, the Korean government will be starting out by running these support centers that can demonstrate success to attract support for further applications.
The cryptocurrency boom in Korea brought in a lot of investment from many investors as well as the general public. Therefore, once the bubble burst, many Koreans lost their trust in cryptocurrencies. Recently, the Korean government has been focused on supporting Blockchain-related projects. For example, KISA (The Korea Internet Security Agency) has been supporting Blockchain projects for 3 years running now. Furthermore, in 2019, 12 projects were supported with a total of $11 million in funding. However, they do not support cryptocurrency projects or cryptocurrency exchanges. Therefore, the focus of the Korean government is in Blockchain technology rather than cryptocurrency. Furthermore, look for this trend of supporting Blockchain startups in Korea to continue on into 2020.
The Seoul Blockchain Support Center
“There’s no doubt blockchain is the core technology of the fourth industrial revolution, which will shape the future IT industry. I will make efforts to help Seoul become the center of a blockchain industry ecosystem,” Park said.
“There’s no doubt blockchain is the core technology of the fourth industrial revolution, which will shape the future IT industry. I will make efforts to help Seoul become the center of a blockchain industry ecosystem,” Park said.The Seoul Metropolitan Government is currently accepting applications for companies in the Blockchain industry for the “Seoul Blockchain Support Center” program. Furthermore, the program helps innovative Blockchain companies that are interested in talent development and global market entry.
The application period ends on December 9th, 2019.
Korean Blockchain startups, as well as International Blockchain-related Startups (registered for less than 7 years), can apply to join the Seoul Blockchain Support Center. Blockchain startups will need to possess or utilize technologies in Blockchain-related fields.
Which Blockchain Startups will not qualify?
- Blockchain-based crypto-asset sale and brokerage are not eligible.
- Blockchain startups that have defaulted obligations from financial institutions. In addition, those that have delinquent tax payments.
- Startups that are already getting benefits from the Seoul Metropolitan Government, local government, or any other public agency are ineligible. However, startups will be eligible if the benefits are terminated before the week of the move-in date.
- Those who have other legal and regulatory restrictions in receiving support for startups.
The application process is very simple. Therefore, go to their application page here
- The application form
- The Business Plan
- Copy of Business License
- Copy of Corporate Registration
The Seoul Blockchain Support Center is looking to add 30 Korean Blockchain Startups and 10 International Blockchain Startups.
The center will be located in Mapo in the Police Mutual Aid Association Jaram Buiding. Furthermore, the center will be on the 8th floor and 11th floor. In addition, move-in will start on the 23rd of December.
Some of the benefits include:
- An independent office space (4-8 person rooms)
- Public meeting room, Education space, Lounge and more.
- Blockchain Education Program
- Networking/Seminars/Forums/Growth Program
Apply now!
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