More than 100 billion won will be invested in blockchain technology development

More than 100 billion won will be invested in blockchain technology development, which is drawing attention as a key technology in smart city construction.

Minister of MIST, Lim Hye-sook, announced that it will start technology development by completing the selection of executing organizations for the 'blockchain technology development project for the data economy' to strengthen domestic blockchain technology capabilities.

Major cities around the world, such as Dubai, are applying blockchain technology to the construction of smart cities because smart cities’ services can be exchanged directly without cloud centers.

MIST selected 53 organizations through the public offering and will invest a total of 113.3 billion won (91.6 billion won in state funds and 21.7 billion won in private equity) by 2025. In particular, there will be 2 stages, the period of original technology secure('21~'22) and research & demonstration ('23~'25) and it is expected that the developed technologies will be used in the domestic industry to improve technological competitiveness.

The main technology and executing organizations are as follows:

▲ Electronics and Telecommunications Research Institute: Development of dynamic consensus composition technology to solve predictable security vulnerabilities in large node environments and fairly select nodes for each block to maintain decentralization

▲Hanyang University: Development of consensus technology that achieves large transaction throughput and high-speed processing speed in large node environments

▲ Korea University: Development of technology to secure scalability by minimizing blockchain storage requirements and accelerate multiple transaction verification services

▲ Pohang University of Science and Technology: Development of hybrid P2P optimal route network platform that delivers messages so that blockchain can reach a normal agreement within a set time.

▲ Korea University: Development of automated vulnerability detection and secure coding technology for intelligent smart contracts with enhanced reliability over the previous week

▲Garmin information system: Development of circle chain-based identity interoperation platform technology and implementation of identity privacy for the safe use of self-sustaining

▲ Hanyang University: Development of high-performance cryptographic protocol (zero-knowledge proof) technology and library for privacy-guaranteed data processing

▲ Electronics and Telecommunications Research Institute: Development of blockchain data storage technology applicable to large/large transactional data distributed storage and enterprise environments

▲ Electronics and Telecommunications Research Institute: Development of blockchain index-based distributed data fast analysis technology and query language processing technology for user convenience

The reason why the government has actively supported the development of blockchain technology for the data economy is that if the underlying service is applied to smart cities, it can gain better benefits in three ways than the cloud method. First, transparency. All communication takes place in a peer-to-peer (P2P) method and there is no central interference. And all participants can see the recorded content.

The second, the simplicity of the transaction. Ethereum is a new electronic contract system based on blockchain. Ethereum allows the parties to automatically perform transactions according to the conditions of the transaction. It seems that these technologies will be used a lot in Smart Cities in the future. If that happens, as in the example of smart parking, transactions are made automatically, making it convenient.

Finally, it is security. The information recorded on the blockchain is shared to all participants. Therefore, in order to forge recorded information, a majority of the participants must be hacked simultaneously. This is practically impossible. This is because a supercomputer with the highest specifications, knowing a majority of the participants, is needed to hack.

Reported by Smart City Today