The Korea Internet Security Agency (KISA) will support blockchain-related projects in 2020 with funding of 10.5 billion won, or about $ 9.0 million, but has ruled out support for cryptography or cryptographic exchanges.

This will be the third year of support from KISA, which comes under the Ministry of Science and ICT, said Monday the agency. The plans were discussed at a meeting in Seoul on Friday last week.

About 10 projects will be chosen for next year, while one or two of them will receive funding over several years. The maximum funding will be $ 1.2 million per project, according to Min Kyung-sik, head of KISA center in the blockchain center, quoted by Coindesk Korea.

Public and private sector projects will be eligible. Nominations will be reviewed on November 11th. The results will be announced on December 20th. The public sector includes any of the 400 government or related entities, such as central agencies. , regional organizations and public institutions

Although KISA has excluded support for crypto-money projects and crypto exchanges, it leaves the door open for projects pursued by major financial institutions that may involve tokens.

That said, the 2020 plan is a step back from the commitment made this year. In 2019, 12 projects were supported for a total of $ 11 million.

The program this year included $ 6 million in direct funding and $ 5.4 million in reimbursement of expenses. However, the average funding per project will remain the same in 2020, KISA notes.

This year's projects included a donations platform, the Hyundai Autoever's used car service platform and the Initial Blockchain ID platform, which was supported by all major telephone companies in the country.

Other projects in 2019 included an archive management system for the National Archives, a network for sharing medical information, a food safety system, a registration system for electric vehicle batteries. and a system for recording carbon emissions.

At the meeting held last week, the Korean National Computer Promotion Agency (NIPA) also promised to continue supporting projects related to the blockchain.

The image of Korea won via Shutterstock

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