Incheon City is set to launch a blockchain voucher support program for small and medium-sized enterprises (SMEs) as part of its efforts to expand the local blockchain industry ecosystem.
On April 22, the city announced that, in collaboration with Incheon Technopark, it will connect local SMEs seeking to adopt blockchain technology with solution providers that possess relevant technologies, offering financial support for the introduction of blockchain solutions and the utilization of related services.
The city plans to support a total of 25 companies, providing up to 5 million won per company. Starting from May 9, applications will be accepted on a first-come, first-served basis through the "BizOK" website from companies wishing to introduce blockchain solutions.
According to a survey conducted last month on 501 Incheon-based companies, 336 companies (67.1%) expressed their intention to adopt blockchain solutions. The most desired application fields were semiconductors (30.1%), digital and data (20.5%), beauty (10.4%), and food and distribution (9.2%), in that order.
The most common reason for wanting to adopt blockchain was "enhanced reliability due to the impossibility of forgery or tampering," cited by 63.1% of respondents (multiple responses allowed). This was followed by "ensuring transparency" and "simplifying supply chain management procedures," each cited by 39.3%. Regarding the types of support needed, the most requested were labor costs (44.7%), research and development (R&D) investment (43.5%), and technology development funds (40.1%).
The city will also hold a "Blockchain Demand-Supply Company Matching Day" on May 8 at the Incheon Blockchain Technology Innovation Support Center to introduce blockchain solutions and services to SMEs interested in adoption.
An Incheon City official stated, "We will strive to provide practical assistance to local SMEs experiencing technological and financial difficulties in the process of adopting blockchain."
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