The South Korean government will team up with a consortium of domestic companies to funnel a combined USD 7.7 million into three blockchain projects – a used car trading platform, a financial services project and a platform for charity donations.
Per KiNews and iNews24, the Ministry of Commerce, Industry and Energy and the Korea Internet Development Agency (KIDA) will provide USD 4 million in funding, with the remainder coming from 24 private sector consortiums comprising some of the country’s biggest conglomerates and banks, as well as crypto exchange operators, domestic venture companies and blockchain startups – making for a total of 80 companies.
The ministry and KIDA held consultation meetings with the consortiums beginning in December last year, and concluding at the end of January 2019. The parties say they are aiming to conclude all necessary contracts by mid-March, with a view to starting work on the projects before the end of the month.
The three projects will all be led by private sector companies, and are as follows:
- A blockchain-powered used car servicing platform proposed by (and to be led by) the Hyundai Group’s Hyundai AutoEver subsidy. AutoEver specializes in vehicle sales over the internet. Blockchain startup Blocko, ABC Solutions, a software and services provider and another Hyundai subsidy, Hyundai Glovis (a logistics specialist), will also take part in the project.
- A decentralized charitable donation platform proposed by (and to be led by) e4net, a software company. Participants in the project include Dunamu, one of the Kakao Group’s blockchain subsidies, and the operator of the Upbit exchange, the Child Fund, a children’s charity, and blockchain startup Inoblock.
- A financial and educational services platform proposed by (and to be led by) SK Telecom. Participants in the project include Coinplug, operator of the CPDAX cryptocurrency exchange, major commercial banks Hana and Woori, as well asLG’s internet arm, LG U+. Blockchain startups Haechi Labs and Koscom will also be taking part in the project, as well as another SK subsidy, internet platform developer SK Planet.