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The Korea Internet and Security Agency (KISA) is going to support multiple blockchain-focused projects in 2020 with 10.5 billion won (approximately $9 million) in funding, CoinDesk reported.
The details were announced by KISA during a meeting held last week in Seoul. The funding plan for 2020 marks the third year of such financial support from the agency.
As per the details, around 10 projects will be selected for the next year with one or two of them receiving funding for a longer period.
Min Kyung-sik, head of KISA’s blockchain center, said that a project can receive up to a maximum of $1.2 million.
Both public and private sector projects can apply for the funding. The last date to submit applications is November 11 and the results will be announced on December 20.
“We expect blockchain technology to change people's lives by combining blockchain technology with more diverse technologies through the blockchain pilot project,” KISA Director Kim Seok-hwan said (via online translation). “KISA will continue to strive for public and private innovation through blockchain.”
It is worth mentioning here that the agency is scaling down its support to blockchain projects in the forthcoming year. In the current year, it supported a total of 12 projects with $11 million in funding. This included a direct funding of $6 million and expense reimbursement worth $5.4 million.
That said, KISA clarified that the average funding per project will be the same in 2020.
The blockchain projects supported by the agency in 2019 include a donation platform, Hyundai Autoever’s used car service platform, a blockchain ID platform, records-management system for the National Archives, a medical information sharing system, a food safety system, an electric-vehicle battery record system, and a carbon-emissions record system.
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