15 blockchain-related technologies finally come to be subject to the Korean government’s R&D support initiative policy. The Ministry of Science, Technology and ICT has overhauled its ICT R&D Technology Classification System to newly embrace several blockchain-related technologies.
Once classified into the categories of the system, these technologies will be financially or technologically supported by the government’s ICT technology R&D initiative policy.
Newly classified blockchain-related technologies include a next generation of blockchain platform, DApp technology, smart contract, and electronic currency security system technology.
The ICT R&D Technology Classification System is a sort of criteria to determine whether a certain technology is subject to the government’s support program for R&D initiatives or not.
The entry into the classification promises to encourage R&D activities for blockchain technologies more actively than ever before.
According to the renewed ICT Technology R&D Classification System, 6 technologies are categorized into the main classification criteria, including future generation of communications and radio wave technology, software and AI, broadcasting and contents, next generation of security technology, devices and blockchain and convergence technology.
The blockchain and convergence technology is re-classified into several tiers; foundation technologies for blockchain, blockchain scalability technology, blockchain applications and support, and blockchain management technology.
The foundation technologies for blockchain include distributed consensus technology, distributed ledger technology, high-performance transaction technology, smart contracts, blockchain networking technology, and blockchain security and blockchain encryption and password technology.
The scalability technologies for blokchain include blockchain structure, a next generation of blockchain platform, blockchain synchronization technology blockchain platform convergence technology. The application and support technology for blockchain includes blockchain service support technology, DApp technology, government policy support technology, domain specialization technology. The management technology for blockchain include blockchain-based membership management technology, blockchain reliability evaluation, and blockchain development environment.
Combined, all 15 blockchain-related technologies are newly classified into the system.
The inclusion of the blockchain technologies into the system is a testament to the government’s embrace of blockchain technologies as one of hot-growth and crucially focused R&D areas. It also represents the Korean government’s renewed initiative to develop blockchain technology as a new wave of growth engine for the country’s economy.