Reasons for Proposal
As a technology which realizes a ledger in which participants collectively record and manage information in a distributed network instead of a central server, the blockchain technology, which has been attracting attention as a key technology of the fourth industrial revolution, can decentralize and distribute centralized information processing methods, and thus, drives to transition to a hyper-connected society based on transparency and openness.
Also, the blockchain technology, which is attracting attention as a new growth engine in the era of the fourth industrial revolution, is expected to create high added value, and accordingly, competition among major countries related to the blockchain technology and industry is intensifying.
In the era of the fourth industrial revolution and the transition to the early connected society, the new Act aims to strengthen the national competitiveness and develop new growth engines, establishing research grounds for blockchain technology and providing a basic law to promote the blockchain industry.
Details
A. The purpose of this Act is to contribute to the innovation of scientific technology and the development of the national economy by establishing grounds for blockchain technology and promoting the blockchain industry (Article 1).
B. Define the blockchain technology as a technology allowing that no one can modify the information arbitrarily but everyone can view the result of the change of information, realizing a ledger in which participants collectively record and manage information in a distributed network instead of a central server (Article 2).
C. The promotion of research and development of blockchain technology and the encouragement of blockchain industry should be performed with priority given to the grounds for the blockchain industry and the promotion of innovative research and startups related to blockchain (Article 3).
D. The Minister of Science and ICT shall establish and implement a basic plan promoting the blockchain industry for the research and development of blockchain technology and the development of the blockchain industry (Article 6).
E. The Minister of Science and ICT may pursue projects for the research and dissemination of standardization related to blockchain technology and the training of a professional workforce (Article 7 and Article 8).
F. The government may pursue projects to protect intellectual property rights related to blockchain technology and included in the data, etc., managed through blockchain technology (Article 9).
G. The government shall establish and implement a start-up support plan for the promotion of startups related to the blockchain industry and for the growth and development of the founders (Article 10).
H. The State or local autonomous governments may designate or establish blockchain R&D zones to build a linkage system between industry, academia, and research sectors related to the blockchain industry and to attract and support blockchain companies (Article 11).
I. The government may provide special administrative and financial support such as technical support to the small and medium-sized blockchain business entities when preparing measures necessary for the promotion of the blockchain industry (Article 12).
J. The government may pursue projects for international cooperation related to blockchain technology and industry, and the entry of domestic blockchain companies into overseas markets (Article 14).
