South Korea Designates New Blockchain Governance Team Members

In Technology, World
South Korea

The commissioning of new members is expected to explore the benefits of blockchain technology and what it can do more for the government of South Korea.

In South Korea, the Seoul Metropolitan Government assigned new members to join its blockchain governance team. Their task is to improve the consolidation of blockchain technology in government services in the city. Blockchain network, ICON announced the appointment on February 8. The Metropolitan government counts on the team’s capability to evaluate the upsides of blockchain technology and its implementation into varied administrative processes in Seoul City which include sub-contract payment and validation of digital documents.

The Governance team is composed of 100 participants ranging from 21 to 77 years old with different backgrounds. New members include university students, developers, and corporate employees among others. They will assess a pilot version of a procedure associated with using blockchain-based technology for government purposes including voting. The team will likewise impart guidelines and observations from January 2019 to December of next year.

Moreover, they are authorized to issue a  letter of appointment which include the name, member identification number, and terms of membership following the acceptance of terms and conditions. The ICON public blockchain stores the Letter of appointment issuance records. The ICON Tracker verifies the legitimacy of the record through seeking particular transaction. The said tracker is an ICON block seeker that shows all transaction records on the network to intensify transparency and data accessibility.

The Seoul Metropolitan Government made use of ICON’s blockchain to disseminate mobile letters for the designation of new team members. It is an effort to avoid faux and data counterfeit. ICON Foundation council member J.H Kim regards that the surge for blockchain demand encourages the government to the technology. The commissioning is one move that shows how the government can utilize blockchain technology.

The alignment of the Blockchain Governance Team in South Korea emerged following the city government’s declaration of releasing a ₩131 billion or $117M USD innovation fund in the first half of 2019. This is to produce jobs and expedite economic progress in the district. The investment will absolutely capitalize in venture companies, startups, and small and medium scale enterprises (SME) that are fostering results in seven areas which include biotechnology, the blockchain, and FinTech to name a few.

According to the city government: 

“The city will share the blockchain administrative service development process with the governance team, such as mileage integrated management, document-less online qualification verification, and automatic sub-contract payment.” 

It added that the team’s opinions regarding the pilot test will be diligently manifested in the service improvement. The distribution of information will transpire every now and then using online communication including SNS. It is a smart city cooperative structure soon to operate in May.

Last month, the Yeongdeungpo-gu district in South Korea unveiled its plans to boost administrative transparency with an evaluation process established on blockchain technology. The region will extend the blockchain system to cover the whole department and several other municipalities.

It was also in January that the Defense Acquisition Program Administration in the country embarked on a blockchain-based pilot that would integrate blockchain technology in the defense sector. The administration pledged to grant 600 million won to bolster the enforcement of the technology in defense.

You may also read!

Bangko Sentral ng Pilipinas

Bangko Sentral ng Pilipinas Approves 3 More Crypto Exchanges

Does the legalization of 3 additional crypto exchanges in the Philippines encourage Filipinos to start adopting the “currency of


PayPal Makes Initial Venture in Blockchain Firm

Did PayPal make the right move? PayPal is an online payment system used by online merchants as well as

Internet Users

Internet Users Fight Censorship with Blockchain

Will you just give up your freedom or fight and regain it using blockchain? The choice is yours. Since


3 commentsOn South Korea Designates New Blockchain Governance Team Members

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu