Korean government striving to industrialize blockchain.. Full support for fintech convergence technology

The Korean government supports blockchain companies to enter the global market and establishes a dedicated organization in charge of establishing standards for blockchain services.

​In addition, the government's support, which has been distinguishing between fintech and blockchain, will expand to the blockchain-fintech convergence industry, and improve the use of blockchain technology.

■KISA, helping to industrialize blockchain

According to related industries on the 28th, the Korea Internet & Security Agency (KISA) is recruiting for the service of'Establishing an Information Strategy Plan (ISP) for Building Blockchain and Fintech Technology Distribution Center' by the 30th. The successful bidders will take on the role of establishing a basic framework for actual business promotion, such as analyzing the environment and current status and establishing strategies for building the center by March next year.

KISA plans to expand the scope of support of the KISA Fintech Technology Support Center through the Blockchain Fintech Technology Spreading Center. Currently, KISA is planning to integrate and support the work divided into blockchain and fintech so that the fintech industry can use blockchain technology to create synergy.

The Blockchain Fintech Technology Dissemination Center is largely organized into four areas: △internalization of service security △support for service commercialization △training of experts and △demonstration test lab construction. In the technology diffusion center, the technology diffusion center takes the lead in items that are prominent in the current blockchain industry, such as Decentralized Identifier (DID), which is one of the leading popularization services based on blockchain technology, and decentralized finance (De-Fi) services based on blockchain that has exploded this year. 

■Blockchain company IPO support

According to the announcement of the establishment of the Information Strategy Plan (ISP) disclosed by KISA, the 'Blockchain Fintech Technology Spreading Center' is a blockchain company specializing in technology evaluation for the listing of special exceptions, including consulting for blockchain companies and IPO. It plans to support commercialization of startups.

It also supports the advancement of DID (Decentralized Identifier) technology and the spread of services. KISA plans to support technologies and policies in both directions so that distributed authentication services using blockchain can resonate with users and settle in the market.

KISA said, "It means that we will not only look at the blockchain within fintech, but will support it to build the industrial foundation with our own technology that has its own value. Through the diffusion center, companies can actively use blockchain technology. We will provide a test environment that is in place."

On the other hand, the actual construction time of the blockchain and fintech technology diffusion center is expected to be around 2022. When the ISP project order-winning company submits a strategic plan for the technology diffusion center by March next year, KISA plans to review it and begin construction.