Kida And Many Private Sector Company Associations To Fund 3 Blockchain Based Projects, A New Trend In The Blockchain Market !

Three blockchain projects – a used car trading platform. a charity forum and a financial services project has got a huge support and funding from South Korea government. The government teams up with a group of companies to provide a 7.7$ million of funding to 3 blockchain projects. This great and brave movement of the South Korean governmenthas opened up doors for the blockchain industry in South-east Asia while also becoming an inspiration for other countries.

According to the KiNews and iNews24, the Ministry of Commerce, Industry and Energy and the Korea Internet Development Agency (KIDA) will be providing the $4 Millions. While the rest of the money will be coming from a group of 24 Private sector association which include big Companies, Banks as well as Crypto exchange companies, Domestic companies and newly started startups, making up a total of 80 companies.

In December, both the private association and KIDA held meeting to decide for the same, while confirming the decision on January this year. They have been saying, that all the necessary contracts are to be completed till mid-march. While the work on the projects have been reported to start before the end of this month.

The following are the projects and their concept :-

1.A blockchain-powered used car servicing platform proposed by (and to be led by) the Hyundai Group’s Hyundai AutoEver subsidy. AutoEver specializes in vehicle sales over the internet. Blockchain startup Blocko, ABC Solutions, a software and services provider and another Hyundai subsidy, Hyundai Glovis (a logistics specialist), will also take part in the project.

2.A decentralized charitable donation platform proposed by (and to be led by) e4net, a software company. Participants in the project include Dunamu, one of the Kakao Group’s blockchain subsidies, and the operator of the Upbit exchange, the Child Fund, a children’s charity, and blockchain startup Inoblock.

3.A financial and educational services platform proposed by (and to be led by) SK Telecom. Participants in the project include Coinplug, operator of the CPDAX cryptocurrency exchange, major commercial banks Hana and Woori, as well asLG’s internet arm, LG U+. Blockchain startups Haechi Labs and Koscom will also be taking part in the project, as well as another SK subsidy, internet platform developer SK Planet.