The South Korean government has continued in its strides not only exploit the underlying potentials of the blockchain technology but to also promote the use of the ingenious technology, the announcement made on 27 August about the hackathon initiative is set to birth new ideas from the public was one which was readily accepted by the populace.
Hackathon which is also known as hack day or codefest is a popular design sprint-like event in which computer programmers and other involved software development, including graphic designers, project manager collaborating intensively on software initiative with the goal of developing hardware or software to solve problems.
On this project, the Korea Internet & Security Agency (KISA) and Korea IT Promotion Agency (KIPA) have been in collaboration for effective execution. The event scheduled to take place later in November has started accepting applications from prospective participants, this project is also mean meant to feature in the state-backed “Blockchain promotion Week” in the country. The event will also be aimed at supporting the scheme of the Korean Ministry of Science and ICT which has commenced a very active blockchain awareness activity extending into 2019.
Solving Social Problems
Based on a report by a local media platform, Money Today, the hackathon will be targeted at; “solving social problems and innovating public and private services through blockchain technology, and the development of distributed apps (DApps) […] for improving the efficiency of the public and private sector, providing nationwide benefits.”
The Hackathon will be competitive with incentives so as further boost the enthusiasm and drive of participants in the event, clearly, participants will be stratified into teams and the will winning team will be awarded a cash prize of 100 million won (about $90,000), applications are set to run till September 28.
Of what profit shall any government initiative or project be if it is not targeted at improving the lives of its citizen? This project will improve the lives of its citizen an innovative dimension, the local news outlet, Money Today reported that the director of KISA namely Kim Seok-hwan said that;
“By participating in this competition, everyone will have the opportunity to participate and contribute.”
Sometimes this month, it was reported that the Ministry’s youth project would see the light of the day with a fresh start in September, the program will run for a period of six months, participants will be exposed to training and employment tendencies in conglomerate where blockchain technology thrives.
The South Korean blockchain industry this year would be witnessing an overwhelming significant investment in its sector as nothing less than 5 trillion won ($4.4billion) already scheduled for the year 2019.