Earlier this week, South Korea’s Ministry of Science and ICT (MSIT) and the National IT Industry Promotion Agency (NIPA) announced the ‘Blockchain Technology Verification (PoC) Support Project’. The initiative invites applications from blockchain firms and will provide technical and financial support for testing use cases.
Blockchain is still a nascent technology, and many projects though ambitious, do not make it into production. A few weeks ago, a Wipro study found that only 14% of the projects it studied from different industries were in production. The project by MSIT and NIPA aims to solve technical issues faced by blockchains in the early stage and support them in reaching commercial production.
“We plan to support domestic specialized companies to grow rapidly in the early stage of the blockchain market, enabling the blockchain ecosystem to be revitalized,” said Park Yoon-kyu Information and Communication Policy Officer at MSIT. “PoC (proof of concept) support business discovers various blockchain cases and creative blockchain service.”
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