South Korean government sponsors Blockchain Hackathon

South Korea continues to promote and expand Blockchain's uses and has announced a hackathon to bring new ideas to the public and to raise awareness of the population of this technology.

The establishment of the Korean Internet and Security Agency (KISA) and the Korean IT Industry Promotion Agency (KIPA), the event is accepting applications and will be launched at the end of November as part of Blockchain Promotion Week.

Supporting this program is also the country's Ministry of Science and ICT which has initiated a comprehensive awareness program on Blockchain that will extend to 2019.

This hackathon will focus on "solving social problems and innovating public and private services through blockchain technology, and the development of distributed applications (DApps) [...] to improve the efficiency of the public and private sectors, national".

The winning team will receive a prize of 100 million won (just over 77 thousand euros), and registration is open until 28 September.

Blockchain is expected to receive large investments being treated as an industry of the South Korean state in the next few years, with at least 5 trillion won (US $ 3.8 billion) reserved for 2019.