In September 2018, the inaugural Block Seoul kicked off. This was supposed to be a forum related to how to improve the crypto industry and add new innovation in terms of blockchain technology to Korea. However, it didn’t take long for the focus to be dominated by blockchain technology.
That so much of the discussion was focused on this technology now makes even greater sense, as it is reported that the city of Seoul will implement blockchain technology in its citizen cards. This, according to a report in Queen.co.kr.
That the city would make such a proactive move is not surprising at all. Seoul’s mayor, Park Won-soon, has long been a participant at the Korea Future Forum events and was a participant in Block Seoul 2019.
The mayor explained that data has become incredibly important, and this is why this technology has become such an essential piece in protecting that data while also allowing it to be more efficiently queried.
Park explained that this technology will be used in collecting urban and administrative data, which will be useful to figure out where to provide new services for the city and its community. It will also offer a more protective authentication system for the city’s citizen cards, as well as give residents easier access to the various administrative services offered in Seoul.
The use of blockchain technology is not new to the city. Seoul already uses this technology in a number of its administrative services, including providing mobile e-voting as well as its use in car sales.
This is why the upgrade to the new technology looks like it will be an easy transition. Park had already anticipated introducing this kind of technology to his city when he introduced his five-year plan for the development of blockchain technology in Seoul. The plan called for an increase in government spending from around $12 million in 2018 to a total of $88 million in a fund that would be specifically used for the advancement of this technology.
In February of this year, the Seoul Metropolitan Government doubled down on this commitment, announcing that they intended to invest over $1 billion in both blockchain and fintech startups by the year 2022.
The idea of improving these technology areas is not exclusive to Seoul. Just weeks ago, South Korea’s Financial Services Commission authorized the licensure of nine fintech companies to begin operations in the country as part of a regulatory sandbox.
With all of this innovation becoming a central theme within South Korea and its capital city, it will not be a surprise to see this technology employed in his many areas as possible, especially when it comes to the protection and use of data related to its citizens.
New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.
