The project will cover welfare, public safety, and transportation by 2022.
Despite cracking down on ICO’s, South Korea is actually in on the blockchain and cryptocurrency revolution. In fact, its capital, Seoul’s government is partnering up with Seoul-based Samsung subsidiary, Samsung SDS to handle the development of its blockchain-based platform. The company will conduct feasibility studies and testing of the blockchain for application in welfare, public safety, transportation, and other municipal affairs. The project is set to launch by 2022 and would cover the entire city’s administration in order to facilitate services for its citizens and improve transparency within the government.
“Samsung SDS intends to contribute to the city becoming a world-class city by strengthening the transparency, fairness and civic convenience through its own block chain technology and consulting capability.”
In a statement, Samsung SDS says they are the first domestic company to expand its blockchain business into the public sector. They say that initial applications will include digital identity-based sectors, ranging from processes such as those in distribution of unemployment benefits, to used car sales and ownership registry.
According to a statement by Samsung SDS CEO Hong Won-Pyo, the project will help propel Seoul as a “top-rate global city.”
“Samsung SDS’ Blockchain technology and consulting capabilities will contribute to Seoul’s leap as a top-rate global city.”
Apart from the public sector, Samsung SDS is also expanding into other sectors where they can apply blockchain technology, including the banking sector. Their manufacturing arm, Samsung SDI is also applying the technology for its electronic contract system, the release notes.