Category Archives: Ministry of Science and ICT

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7 South Korean Exchanges Pass Security Inspection Checklist

7 South Korean Exchanges Pass Security Inspection Checklist

The South Korean Ministry of Science and ICT reported yesterday that only seven cryptocurrency exchanges including Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Korea have passed the security inspection checklist.

A survey was conducted by the Ministry of Science and ICT, the Korea Internet & Security Agency and the Ministry of Economy and Finance, during the period of September to December of 2018 to evaluate the security performance of cryptocurrency exchanges in the country.

The inspection covered the following areas: administrative security, operational environment security, network and account security, database & backup security, and wallet security.

Out of 21 cryptocurrency exchanges that were inspected earlier last year for security compliance, only seven passed the improvement recommendation, leaving the remaining 14 labeled as “vulnerable” to one or more of the 85 security checkpoints. “The 14 exchanges are vulnerable to hacking attacks at all times because of poor security,” the ministry said. Moreover, 17 new exchanges that were inspected for the first time, did not meet the cutoff either. This brings the total of exchanges scrutinized to 38.

South Korea is home to over 100 cryptocurrency exchanges and due to the number of security breaches that have led to the loss of millions of dollars of user assets on exchanges, the Korean government decided to carry out a survey to determine the fitness level of these exchanges.

It would seem the agency expects more of this hacks to occur this year, and are prepared to mitigate the severity of the damage if not completely averted through these security inspections. Director of information security policy at the Ministry of Information and Communication Oh Yong-soo said: “This year, cyber attacks targeting encrypted money are expected to continue”. Yet, most of the inspected exchanges “are still vulnerable”, and there a lot more exchanges are out there whose security status is currently unknown.

The South Korean nation has been pulling resources to ensure the standardization of the industry, a part of that effort includes setting up a representative committee to oversee legislation for the industry and suggest possible adaptive measures to national laws. Though leaning on the side of caution, so far, the nation appears to be a friendlier territory for the industry than some other Asian countries.

Last month in Japan, the Financial Services Agency (FSA) reported having received 190 cryptocurrency license applications from exchanges as 2019 approached. Regulation and standardization seem to be the way forward in the industry.

 

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South Korea Chooses Blockchain Voting, New Trials Planned

South Korea’s government has plans to trial an online e-voting system based on blockchain technology.

The plans were announced by the country’s Ministry of Science and ICT and the National Election Commission (NEC). The trial will be carried out by the Seoul National University’s Blockchain Society and the Korea Internet and Security Agency (KISA).

Blockchain voting systems have been trialed in Switzerland recently and have attracted attention from other nations predominantly as a safeguard against fraud and vote rigging. The Japanese city of Tsukuba in the south of that country trialed a system in August using ID swipe cards, then encrypting votes using DLT in order for the public to be able to vote for different tech applications for a government website.

The city of Zug in Switzerland also recently trialed blockchain voting using an eID system to vote on municipal services such annual fireworks displays, digital ID library lending, digital entry ID parking fees, and electronic tax returns.

An Australian startup is supporting transparent voting in Indonesia, a country with a population of 261 million, with a 20-year history of miscalculating voting results. The company, Horizon State, is planning to launch a test case community-voter platform using blockchain on Sumatra which, if successful, will be utilized for both regional and national elections in the future.

South Korea’s system will use mobile and personal computers with gathered data stored on a distributed network which will also allow voters to follow the process and keep abreast of votes as they come in. Following the trial, the NEC will then decide on whether to proceed with a similar system for the country’s online elections, along with the addition of AI and IoT.

Terrestrial use of blockchain clearly isn’t enough for forward-thinking South Korea. In a new development, a South Korean satellite operator has expressed an interest in exploring how blockchain could be utilized within the satellite industry.

The company, KT Sat, boasting 50 years’ experience as South Korea’s sole operator, plans to bring blockchain and cybersecurity companies together through its new workgroup, the KT SAT Eco Alliance, in order to see where blockchain can be integrated into current satellite tech.

 

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South Korea Plans Blockchain Youth Development Program

South Korea has announced plans to launch a blockchain-focused training initiative targeted at emerging talent from the country’s younger demographic.

The young participants will benefit from a six-month blockchain and technology training course covering a variety of emerging sectors, with the primary goal being stated at decreasing youth unemployment while matching individuals with job opportunities well suited to them.

The students will be trained in a total of 40 courses including blockchain development, as well as software, hardware, autonomous vehicle and drone modules. Each unit was carefully configured to match the employment personnel needed for the various industries local to South Korea.

A key objective of the plan involves building direct relationships between educational institutions and companies to coordinate an advantageous cooperation of building the skill sets that employers need from prospective employees.

In a press release on Thursday, the ministry called for a demand of future employees to participate from the beginning of the project so that the most effective outcome is reached.

Software policy officer at the Ministry of Commerce, Industry and Energy, Young-Kyung Won, noted that while unemployment of the younger generation is becoming a social problem, job mismatch is also becoming a serious issue in the country.

Through an innovative approach to fostering talent, Young-Kyung hopes that companies’ level of vision can be matched by the youths alongside developing better support networks to match them with and offer them job opportunities.

The government-led 2018 Innovative Growing Youth Talent Concentration Project has been organized collaboratively by the Ministry of Science and ICT and the Institute for Information and Communications Technology Promotion. Recruitment and selection events were held by local governments between 11 June and 10 July.

Individual trainees will be chosen through the month of August via self-selection criteria at each educational facility. The course is scheduled to begin mid-September.

 

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