Call for proposals for blockchain research center support program to foster talent

As blockchain emerges as a core technology of the Fourth Industrial Revolution, the government has also begun preparations.

The Ministry of Science, ICT and Future Planning and the National Information Society Agency have selected blockchain as a pilot project for 2017 and will hold a kick-off meeting on the 21st.

Blockchain is the underlying technology of the cryptocurrency Bitcoin, a technology that ensures data integrity and reliability without an authorized third party by jointly verifying, recording, and storing data within a network.

The Ministry of Science, ICT and Future Planning solicited pilot projects on an open-topic basis to find examples of how blockchain can be applied to various industrial sectors, and finally selected four projects on the 14th. At the kick-off meeting to be held on the 21st, plans for the specific business plans of the four projects will be presented, and measures to enhance performance will be discussed.

The four pilot project companies are Kyobo Life Insurance, SK Telecom, Daily Intelligence, and Korea Electric Power Corporation. Kyobo Life Insurance plans to prevent cases where small insurance claims are abandoned due to cumbersome existing claims procedures by implementing one-stop automation of indemnity medical insurance claims based on blockchain.

SK Telecom supports digital forensics by collecting electrical contact failure data on the blockchain and analyzing the collected data during the investigation/forensic examination of electrical fires to identify the cause of ignition and pinpoint the ignition point. Daily Intelligence contributes to the spread of a cashless society by establishing a cryptocurrency-based inter-university payment system that can be easily used on the campuses of major universities (Sogang University, Korea University, POSTECH) and nearby affiliated stores. Korea Electric Power Corporation establishes a foundation for revitalizing the new energy industry by building a direct P2P power trading platform between households.

Meanwhile, the Ministry of Science, ICT and Future Planning is currently accepting applications for a support program for blockchain research centers aimed at fostering master's and doctoral-level talent, as well as policy research projects on improving legal systems to expand the application of blockchain technology.

Jang Seok-young, Director General of Internet Convergence Policy at the Ministry of Science, ICT and Future Planning, emphasized, "Blockchain technology will realize a new society of trust in the digital world," and stated, "We look forward to the spread of blockchain technology across all industrial sectors through this pilot project."