According to the program, the government ministry is planning to provide grants of up to 600 million South Korean won (about $530,000) for each project.
Small and large defense companies are encouraged to apply for funding via the website of the Korea Internet & Security Agency (KISA), a sub-organization of the South Korean Ministry of Science and ICT, the report notes.
According to British military-focused news outlet Jane's 360, the move is a part of the country’s efforts to contribute to the development of so-called Fourth Industrial Revolution (4IR) technologies. The country’s 4IR focus has been reportedly outlined in its Defense Industry Development Plan, introduced in 2018, that looks to develop emerging technologies such as robotics, artificial intelligence (AI), autonomous systems and big data analytics.
In September 2018, the KISA revealed plans to extend its public blockchain pilot projects to revive the domestic blockchain industry. As a part of the initiative, the South Korean government planned to spend around $9 million to promote blockchain projects across public and private sectors.
In December, Cointelegraph reported that a division for the United States Air Force had developed a blockchain-based educational tool for supply chain management in order to provide better visibility for the military’s complex logistics network.