South Korea is planning to go all-in on blockchain technology. With the blockchain investments being predicted to double next year, apparently South Korea wants to go even further.The Seoul Mayor, Park Won-soon recently revealed a 5-year plan.
This plan will see a $108 million investment in order to start the transformation of the South Korean capital. Park Won-soon hopes to transform Seoul into a modern, smart city powered by blockchain technology.
In his visit to Zurich, the Seoul mayor disclosed details of his 5-year plan. The Blockchain Urban Plan will be implemented from 2018 to 2022. It will cover 14 public services in five areas, with a government budged totaling $108 million.
The Seoul mayor sees great potential in blockchain technology
Park was very optimistic about the potential impact of blockchain technology on public services. He noted that major public services, which will adopt blockchain include labor welfare, vehicle history management, donation management and election voting.
It’s also impossible to account for the potential innovations, which may come through during the 5-year period. Even so, if a major breakthrough is achieved, Park states that Seoul be one of the first cities to embrace it.
The Seoul Metropolitan Government will also apply blockchain technology to protect part-time workers. This will apply to workers, who do not receive any form of insurance from the employer. The workers will be able to register via a blockchain application. This application will be developed and changed as the plan develops and grows.
Additionally, labor welfare organizations and insurance companies, which are participating in the system as nodes, will be able to share worker information between the distributed network. This information will be carefully reviewed and insurance schemes can be decided upon.
Good news also came for those interested in startups. Park said that his administration will aim to spend about $53 million to build two complexes by 2021. These complexes will house up to 200 blockchain startups. This will be made possible by utilizing parts of the Gaepo Digital Innovation Park and the Mapo Seoul Startup Hub.
Park’s announcement comes a few months after he was re-elected in June.
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