Three consortia would receive 8,700 million won in a state budget to develop blockchain technologies fit for use in people’s daily lives.

The Ministry of Science and ICT and the Korea Internet Security Agency announced Monday the three would develop blockchain platforms featuring decentralized donation, used car transaction and financial, telecommunication and education networks.

The consortia include such names as Hyundai, SK Telecom, Hana Bank and LGU+.

The state project is to establish a civilian-led blockchain ecosystem. A Ministry of Science and ICO official said the ecosystem would hone the global competitiveness of the Korean industries.

The government picked the three consortia after screening 24 applications 80 companies submitted from December 6 through the end of January.

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