South Korea’s Jeju Province is set to create a new blockchain ecosystem in the region to interlink industry-academia specialists.
The Korea Radio Promotion Association (RAPA) and Jeju University have signed a Memorandum of Understanding (MoU) for blockchain-related industry and education in the Jeju area, Korean economic media outlet Seoul Economic Daily reports today, Nov. 16.
RAPA, the company in charge of the communication between government and radio broadcasting businesses, and Jeju University, located in one of the major research center in South Korea, the Jeju Science Park, agreed to cooperate for developing blockchain technology within industry-academia relationships.
The agreement aims to establish a blockchain ecosystem in the Jeju Special Self-governing Province to exchange ideas among academia and industry specialists, as well as to increase the competitiveness of domestic blockchain-based companies.
Previously this week, the government of South Korea’s Gyeongbuk province had launched a “Blockchain Special Committee,” with the goal of creating a blockchain hub and attracting investment for blockchain-related businesses, Cointelegraph reported Nov. 15.
One of South Korea’s largest hospitals also partnered with a local tech company in November in order to develop a medical services platform based on blockchain tech.
Also this month, the South Korean government agreed to triple the budget for blockchain projects in 2019, and to invest $35 million in the industry related to distributed ledger technology (DLT), Cointelegraph wrote Nov. 8.