The National IT Industry Promotion Agency (NIPA) plans to spend 4 billion won supporting the growth of blockchain enterprises.

In its private-public briefing session on this year’s support programs for ICT startups and venture companies Tuesday, the state-funded corporation said it would select 10 blockchain technology firms and provide each of them with 400 million won. The plan is intended to support the designing and proof of concept (PoC) with respect to blockchain service models.

“We hope to expand the possibility of commercial services by removing uncertainties of the nascent blockchain technology and verifying its technical practicality and performance,” said the NIPA in its press release. “We will examine if blockchain can be applied diversely through the first-ever support for blockcahin and lay the foundation for the blockchain service market in advance.”

The NIPA will also launch support programs aimed at invigorating the blockchain market. These programs are designed to nurture companies specializing in blockchain through the exploration of demand for blockchain applications and the reinforcement of corporate technical competency. Specifically, the NIPA will also select 10 or so companies to provide them with consulting services appropriate for enterprises in the stages of developing blockchain-based service models.

“We will look for technology consumers in need of blockchain applications and offer tailor-made consulting services on technology utilization and development,” the NIPA said.

“We focus on blockchain startups in the stages of seed funding eager to commercialize their businesses,” said Jeong Gi-su at the NIPA’s blockchain industry promotion team. “As far as consulting is concerned, we set sights on companies considering the adoption of blockchain.”

Details on the support programs will be available through the NIPA’s website and applications will be possible just online. /edshin@decenter.kr

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