While many Countries are still shuffling their feet with Blockchain and regulation, South Korea is consistently producing news of new innovation, Government rebates for Blockchain related businesses, and finding ways to use the technology in their day to day lives. Much futurism.Recently, the second largest Korean political party is looking to implement Blockchain in four major areas: To record meeting results of assemblies.Record and evaluate key performance indicators of members activities.Using Blockchain tech for the voting process of elections.Using Blockchain for a petition system, preventing manipulation of comments submitted by party members.They also mentioned the possibility of providing tokens to members (Although there isn't much detail on how this would be implemented or what it will be used for)The Government has also recently introduced a tax credit to Blockchain based businesses to help with research and development which will hopefully spark more interest in the space.In addition, there have also been reports that the Goverment plans to invest in the development of a virtual power plant which will cost about 4 Billion Korean won (approx $3.5M USD) which will be a central system to be able to establish data transfer between all power plants participating in the network.Another progressive push is to build a Blockchain Hub which hopes to rival Zug in Switzerland. Some heavy investors are investing into the hub such as Nuri Telecom, Pusan National University, Busan City Gas and the Korean Industrial Complex Corporation.We have also seen some very successful Blockchain companies complete funding in the past 12 months, and if you ignore the speculative value of these tokens, they are indeed developing relationships with the Korean Government as well as enterprises of all sizes. For transparency sake, I am not from South Korea but I do follow them closely as from all the negitivity in the space right now, it is great to see somewhere in the world ignoring the noise and putting this great technology into real use.
Submitted February 04, 2019 at 01:51PM
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