Korea Internet Security Agency Announces 2020 Blockchain Startup Funding Plan of $9 Million

The Korean Web Safety Company, KISA, has announced that it will support various blockchain-focused projects in 2020, with 10.5 billion won (which is approximately $9 million) in funding.

The details of the plan were announced by KISA in a meeting last week held in Seoul. The 2020 funding plan marks the 3rd year of such backing, which is under the Ministry of Science and ICT. However, the agency did rule out the support for cryptocurrency projects and exchanges.

The 2020 Plan in Detail

As per the provided details, about ten projects are to be selected for 2020, with only a few receiving funding for an extended period. According to the head of KISA's blockchain center, Min Kyung-Sik, the project can receive a maximum of $1.2 million.

Moreover, the public, as well as private sector projects, can both apply for funding. The deadline for submission of applications is November 11, while the results have been scheduled to be announced on December 20.

According to Kim Seok-hwan, KISA director, the agency is very much positive that blockchain technology will be the game-changer in the lives of individuals. He states that it's only through the combination of blockchain technology with diverse technologies via the blockchain pilot project that they’ll realize that dream.

Furthermore, it’s worth mentioning that KISA is scaling down the support to blockchain projects in this forthcoming year. Currently, the agency is supported up to 12 projects, with a total of $11 million having been applied. The entire system included direct financing of about $6 million as well as expense reimbursement of $5.4 million.

That being said, the agency also clarified that average funding for each project would be similar in 2020.

In 2019, the blockchain projects that the agency supported included Hyundai Autoever's used car service platform, a donation platform, records-management system for national archives, a food safety system, a blockchain ID platform, a carbon-emissions record system, an electric-vehicle battery record system, and a medical information-sharing system.

Furthermore, during the last meeting, the Korea National IT Promotion Agency (NIPA) as well gave a promise to continue supporting blockchain-related projects. With all the support, it seems that blockchain technology is slowly but steadily spreading and receiving necessary support across the globe.

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