Aergo-based Blockchain Contracts with the South Korean Government
The fourth quarter in the enterprise technology world, especially with regards to new emerging fields like enterprise blockchain, is typically the quarter that government contacts for the following year are finalized. In South Korea, Blocko was able to win four large Aergo-based blockchain contracts in Q4 of 2019 and Q1 of 2020 with various new Korean government clients.
A number of additional deals were signed with existing government clients, as well as existing and new private sector clients. The first of these deals was with the Korea Industrial Complex Corporation Department (KICCD) dealing with various corporate urban planning matters in business locations and the regulation of various business development activities in Korea. Blocko worked with the KICCD to establish a new scope for how blockchain coupled with complex big data ecosystems can be utilized to improve deposits and transfers of corporate funds in the FinTech sector. A project is being developed and may soon move further into implementation. With experience doing similar projects with Shinhan Bank and Lotte Card over the years, Blocko and Aergo were the prime candidates to win the contract, and we are currently making good progress in accelerating this opportunity.
The second project was with the Korea Food Research Institute (KFRI), who contracted Blocko and Aergo teams to develop a food quality, safety, and trace verifiability 15 supply chain management platform utilizing Aergo Enterprise. The first phase will be looking at the design and study of the entire end-to-end supply chain, with the following phase taking place shortly in preparing for an actual deployment. Working with KFRI, Blocko and Aergo will aid in keeping Korea’s food supply safe and efficient — in the process of it being transported from farm to table, taking advantage of certain elements of hybrid blockchain technology that offer enhanced levels of immutability and verifiability.
The third major Aergo project that Blocko closed in Korea was with the Korea Electronics Technology Institute (KETI). The project had a goal to create its own blockchain platform across its value chain as well as a new wallet for internal and external industry use. KETI has observed the success of the Aergo platform and chose Blocko and Aergo among a number of potential much larger candidate vendors to build this new platform.
The last major government deal secured in South Korea had to do with a wider-scale education initiative with the Korean Standards Association (KoSA) which contributes to the development of the national economy by boosting industrial standards and quality management. They had asked Blocko and Aergo to help boost the community’s understanding of blockchain and Aergo’s technology in particular by holding a series of lectures on blockchain technology and its related industrial use cases. Blocko and Aergo’s engineers and C-level executives will be holding various lectures throughout the year to the governing standards board members.
We have also secured a deal with a prominent wealthy estate to create a physical gold-backed stable token platform and over-the-counter (OTC) exchange. This exchange and stable token will allow eased trading of precious metals among traders and investors. We see this as being a platform of great demand in today’s current turbulent economic conditions, where precious metal assets like gold are still being considered as safe havens during a potential economic recession.
With regards to repeat business, Blocko and Aergo have returning government customers. Just one example of such a returning customer is the Korea Internet and Security Agency (KISA). A number of confidential projects are currently underway with KISA. Blocko and Aergo will continue to foster a strong relationship and guide KISA on how to effectively implement a number of new technologies and innovations across all of their business verticals.
Taken from Aergo Quarterly Project Update Q4 2019 & Q1 2020 which can be read here: https://paper.aergo.io/AERGO_Q4_2019_Q1_2020_QPU_1.0.0.pdf
