Blockchain Demand and Supply Stakeholder Consortium 'ABLE' Launched

Blockchain Demand?Supplier Council 'Able'
2023 Launch Ceremony Held
Digital National Agenda Meeting Season 2 Held

On the 5th, the Ministry of Science and ICT held the launch ceremony of the blockchain demand and supply consultation group 'ABLE' at Lotte Hotel World in Seoul. ABLE stands for Alliance of Blockchain Leading digital-Economy. Under the chairmanship of Vice Minister Park Yoon-kyu, a field meeting on digital national agenda was also held with participating ABLE companies.

Blockchain is a technology that manages data transparently and securely. However, even if domestic small and medium blockchain companies commercialize their technologies and services, they face limitations in finding sales channels. Moreover, during the process of independently forecasting market demand and developing services, it was not uncommon for the service trend to have already passed or for superior foundational technologies to be discovered. To address these issues, the Korea Internet & Security Agency (KISA) and the private sector jointly launched the ABLE consultation group.

The ABLE launch ceremony held that day was attended by a total of 64 private companies and institutions related to blockchain. Immediately after the launch ceremony, a separate meeting room hosted the second season of the digital national agenda field meeting for ABLE participating companies, chaired by Vice Minister Park Yoon-kyu. The first presenter, Kim Do-chang, an official from the Ministry of Science and ICT, shared the government’s blockchain policy direction based on the blockchain industry promotion strategy. The second presenter, Jin Chang-ho, a partner at Boston Consulting Group (BCG), explained trends in blockchain service activation through cases of leading domestic and international blockchain service companies. Participants provided various ideas for citizen-experience-oriented services and engaged in heated discussions on ways to showcase the excellent technological capabilities of domestic companies in the global market and the necessity of government support.

Vice Minister Park Yoon-kyu stated, “So far, the government’s blockchain policy has focused on discovering pilot services and developing foundational technologies to form the initial market. Now, with the full-scale digital era underway, it is important to create blockchain-based services that anyone can experience and to advance them for introduction to overseas markets.”