Yeongdeungpo-gu district in South-west Seoul has set up a “proposal evaluation system” which is based on the blockchain technology in order to increase the transparency, reliability and integrity of administrative processes, according to a government press release on July 19.
The aim of integrating blockchain technology into administrative processes is to enhance the evaluation operations which includes real-time result publications, organizing of proposal review meetings and declaration of results of negotiations.
The press release by the administration explains how the outcome of an evaluation committee will “digitally Sig[n]” their decision on the blockchain “and the evaluation result will be displayed on the [Yeongdeungpo-gu office] homepage in real time.” According to the press release, the chief of Yeongdeungpo-gu office, Chai Hyunil, stated that:
“We expect that the integrity and reliability of the city will be further improved by utilizing the new technology of the fourth industrial revolution, the blockchain.”
The intent to become blockchain heaven and emerge as a leading force in the fourth industrial revolution has been a clear plan of South Korea in recent times.
Having one of the largest cryptocurrency markets in the world, the South Korean Financial Services Commission (FSC) recently published a new set of reviewed digital currency regulatory rules on know your customer (KYC) and anti-money laundering (AML) requirements.
In July, the government of South Korea also decided to regulate the cryptocurrency industry inside the borders of the country and finally acknowledge crypto exchanges as financial institutions.
To make the transition of the blockchain into the market more comfortable, the South Korean regulators had recently promised to establish new blockchain investment legislation. The government of the country has also commenced work on new industry designation standards for the indigenous blockchain industry that will be introduced by the end of this month.
As evidence that South Korea is making considerable effort to adopt cryptocurrency in the region, some enterprises have started taking virtual currencies as a method of payment. About a month ago, it was reported that a hospital in South Korea, KMP health care now accepts cryptocurrency as payment.
Although established cryptocurrencies like Bitcoin, Ethereum, and the likes are not accepted as only life care global coins (LCGC) which can be bought through Coingenese exchange platform, it is the first healthcare enterprise to accept cryptocurrency as a payment option.