By South Korean city Seoul, announced it will introduce blockchain technology in its citizen cards as per a report from Korean news outlet Queen.co.kr on May 20th.
The mayor of Seoul, Park Won-soon, has been participating in the “Korea Future Forum (KFF) 2019 & Blockchain Tech Show,” an ongoing event which reports on the city’s achievements in adoption major technologies such as blockchain and artificial intelligence.
Park highlighted the role blockchain plays in storing data, citing, that the value data holds “has become even more important than before.” As per Park’s announcement, the city of Seoul will integrate blockchain in the collection of urban and administrative data. This is to implement new services including integrate authentication of citizen cards, as well as tools for easier access to a variety of administrative services.
Park further emphasized that Seoul authorities have in the past implemented blockchain-powered admin services including mobile e-voting and vehicle sales.
Park has on a regular basis showed confidence about the potential of blockchain technology in the past. Back in 2018, the mayor announced a five-year plan to further develop the blockchain industry in the city with the local government planning to invest around $12 million towards a $88 million blockchain fund.
Earlier this year in February, the Metropolitan Government of Seoul announced an initiative to invest over $1 million in blockchain and fintech startups by 2022.
Lastly, the Financial Services Commission, the nation’s financial regulator authorized nine fintech entities to operate in the country as part of a regulatory sandbox.
Comments