The Korean government plans to start a R&D project to develop core blockchain technologies and then converge them with cloud computing and Big Data Analytics platforms to explore as many commercially viable use cases as possible.
The blockchain technology development project is part of the government’s 6th Basic Framework and Blueprint for Nationwide Information and Computerization Society, which will be carried out over the 5 years from 2018 through 2022.
According to the plan, the Korean government will help to develop core technologies that not only will be able to process ultra-high volume data at an ultra-high speed, but also are highly scalable and highly interoperable with other blockchain networks. In addition, development projects of blockchain-based authentication and privacy protection technologies will be conducted.
On the way toward that goal, the Korean government will further expand government agency-led pubic blockchain pilot projects to create and explore many use cases. Private sector-led blockchain-centric public projects will be also sought after to create new market opportunities, under which newly-to-be-developed technologies will be widely utilized.
A case in point is the government-led pilot project to create blockchain-based traditional oriental herb farming and marketing platform.
As a way to help accelerate the R&D projects, the government will simultaneously seek after the incubation programs of talented blockchain engineers as well as blockchain-dedicated start-ups
Exploring and creating highly viable business models is a sure way to help speed up blockchain technology developments, as it will widely open up fresh market opportunities and use cases for testing and commercializing those technologies.
One prime example is to develop and exploit blockchain technologies to prevent data counterfeits and forgeries.
Among convincing use cases that the government has on the plan is the creation of a new hybrid finance business model that financial institutions and blockchain-based FinTech companies will jointly build around a blockchain platform.
Another eye-catching use case is a blockchain-based ID, or identification card issuance program for foreign expatriates such as foreign investors, foreign workforce, and foreign immigrant brides in wedlock with Korean husbands.
Converging blockchain technologies with cloud computing platforms is another use case that the government will zero in on to put blockchain technologies at a service, allowing private cloud computing platform operators to implement their platform servers at government agencies and then provide dedicated AI and blockchain-centic services for them.
Under the government auspices, private cloud service providers will be encouraged to cooperate to jointly create industry-specific converged cloud platforms with AI and blockchain technologies. On the government's blockchain technology promotion agenda is also a project that will lay out the groundwork for big cloud infrastructure builders (IaaS) and small-and medium-sized software developers to cooperate to converge each of their technologies –IaaS platform and blockchain- to create world-class IaaS service platform.