The South Korean capital is to begin implementing blockchain technology in its citizen cards, if reports by local media outlet Queen.co.kr are to be believed.
Seoul’s mayor, Park Won-soon, was at the Korea Future Forum (KFF) 2019 & Blockchain Tech Show when he spoke about how the city was no stranger to the keen edge of innovative technology, including blockchain and artificial intelligence (AI).
Park stressed the role of blockchain in data storage, making data “even more important than before”, before saying that his city would begin collecting urban and administrative data for new services such as integrated authentication system of citizen cards. These would provide easy access to various administrative services.
Blockchain-based administrative services have already made their appearance in Seoul via mobile e-voting and car sales. Last year, its mayor ushered in a five-year plan for developing the industry, with the authorities planning to put up USD 12 million into a blockchain fund valued at USD 88 million.
In February, the city’s Metropolitan Government revealed an initiative to back fintech startups with over USD 1 billion by 2022. The nation’s Financial Services Commission also recently authorized several fintech companies to test their products in the national regulatory sandbox.
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