Ministry of Science and ICT (MSIT) is going to try preliminary feasibility study on its $498 million (570 billion KRW) blockchain project sometime during the first half again. (Reference: 14th page from The Electronic Times issued on 1/4/19)
According to industries, MSIT is preparing for another preliminary feasibility study on its blockchain project that was dropped out during a preliminary feasibility study back in January. Although it is heard that MSIT will go through another preliminary feasibility study in May, it is likely that actual schedule will be held somewhat later than May.
“We are restructuring our project to try for preliminary feasibility study again.” said a representative for MSIT. “Although it may be later than May, we are going to make sure that every part of our project is flawless and accurate to pass preliminary feasibility study.”
According to a report on preliminary feasibility study done by KISTEP (Korea Institute of Science & Technology Evaluation and Planning) on MSIT’s blockchain project, MSIT’s project received ‘unsatisfactory’ grades on scientific technological validity, political validity, and economic validity.
KISTEP ruled that MSIT’s project did not have proper goals and that it had a problem with process of setting up priority tasks. It also stated that there were problems such as the fact that it was unclear what the project was trying to secure as fundamental technologies and that there was low chance of securing economic feasibility.
Industries believed that MSIT’s project explanation lacked information regarding economic feasibility during first preliminary feasibility study. Not only did it not have commercialized DApp (Decentralized Application), but it also did not include areas such as eSports and others that can be vitalized due to application of blockchain.

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“If MSIT includes its analysis on areas where economic effects can be obtained through blockchain technology to its project explanation, it will be able to receive higher grade regarding economic feasibility.” said Director Kim Hyung-joon of Korea University’s Cryptocurrency Research Center. “I hope that MSIT improve information this time so that its project can be foundation for future national blockchain projects.”
Purpose of MSIT’s project is to secure fundamental blockchain technologies through cooperation between South Korean Government, industries, universities, and research institutes starting from 2020.
MSIT’s project is comprised of three major tasks and they are procurement of important fundamental blockchain technologies, evaluation of credibility of blockchain technologies, and establishment of leading blockchain services and blockchain ecosystem. It will develop fundamental technologies such as new distributed ledger, Smart Contract protocol, and ‘intelligent blockchain agent technology’ based on AI.
MSIT will also develop technologies that will verify important fundamental technologies and prepare leading blockchain services such as distribution chain, document chain, voting chain, medical chain, fund chain, data transaction chain, and factory chain.
Although MSIT’s project passed KISTEP’s technological evaluation, it did not pass second stage of preliminary feasibility study process due to ‘insufficient information’.
Staff Reporter Ham, Jihyun |