PARAMETA has won the government-led project to build shared public blockchain infrastructure.
PARAMETA has won the government-led project to build shared public blockchain infrastructure
The Shared Public Blockchain Infrastructure project is being pursued by the Ministry of Science and ICT (MSIT) and the Korea Internet & Security Agency (KISA) as part of the 2024 Blockchain Private Sector Expansion Program, in step with governments worldwide that are cultivating blockchain as a national foundational technology and want government-led shared blockchain infrastructure in place. Selected as the lead contractor, PARAMETA has formed a consortium with participating company Fingerlabs (CEO Sangseok Lee) to build the shared public blockchain infrastructure scheduled for rollout in 2025.
Until now, blockchain projects at local governments and public agencies have built a separate blockchain platform for each service, which made expansion to other services difficult and kept operational efficiency low. There were also concerns about duplicate investment in similar technology, and from the user's side, the inconvenience of having to install a different digital wallet for every service. The shared infrastructure the PARAMETA consortium will build is common infrastructure for developing and operating blockchain-based public services efficiently and making them easily interoperable. Because agencies will use core blockchain services on a subscription basis, the cost of adopting blockchain is expected to fall to about one-tenth of what it is today. And with the wallets that used to be scattered across services consolidated into one, it looks set to become a genuinely user-centered national platform.
Because the shared public blockchain infrastructure lets agencies use blockchain technology easily without building their own blockchain infrastructure, they can now implement whatever blockchain-based public service they want without hesitation.
PARAMETA will deliver trustworthy, competitive services in line with the shared infrastructure specification
PARAMETA CEO JH Kim
For this project, the PARAMETA consortium plans to rework each company's already-proven platforms so public institutions can use them, obtain the Cloud Security Assurance Program (CSAP) certification that is mandatory for public cloud services, and add the development and operational convenience features gathered from years of business experience as it builds the shared infrastructure. PARAMETA will develop the shared DID and NFT platform services on the basis of MyID, its blockchain DID (Decentralized Identifier) identity verification platform, and Fingerlabs on the basis of FAVORLET, its NFT-based online and offline customer management solution.
The consortium will also bring in Zzeung, PARAMETA's digital wallet service built on the MyID platform, to pull together services that today are fragmented by function, by credential, and by asset into a single integrated digital wallet. By giving users one consistent entry point and UI/UX, it expects to make blockchain services more familiar and more convenient for the general public.
We are delighted to be able to showcase the Web 3.0 expertise Fingerlabs has accumulated over many years through our participation in this shared public blockchain infrastructure project
Building on Fingerlabs' technology and experience, we will provide user-centered integrated services and contribute to creating a more convenient and secure blockchain environment
Fingerlabs CEO Sangseok Lee
Thanks for reading.
Web3 Enabler, PARAMETA