The Ministry of Science and ICT will make available 5.2 billion won (about $5 million) in testing and consulting blockchain technologies this year.

The highlight of the funding program is the so-called proof of concept (POC) on blockchain technologies. Its purpose is to verify whether specific blockchain technologies have the potential for real-world application. Blockchain prototypes would undergo feasibility test, a ministry spokesman said.

The government will pick ten projects through competitive bidding. Each will get 400 million won for designing and building its prototype, and testing its technical viability.

It will also select ten enterprises and agencies to provide consulting services to blockchain startups and potential users of blockchain technologies and platforms.

The government will accept applications for one month from Thursday. An explanation session will be held at Seoul’s L Tower on March 18.