South Korea is competing with China & Dubai for the fastest & biggest incorporation of Blockchain technology via government initiatives. As their latest attempt, the mayor of Seoul Park Won-soon has introduced a five-year plan of investing 108 million dollars in the blockchain technology to make Seoul the South Korean capital intern smart hub powering blockchain for the word. the investment will be used to create business complexes that will serve as a home for 200 Blockchain related companies., and around 750 professional will be provided training to become experts the of blockchain Technology.
Major areas sectors include chain Technology will be labour welfare, vehicle history management, certification issuance donation management & elections voting. For example, the Seoul Metropolitan government will be using blockchain in order to provide labour contracts to part-time workers not covered by employment insurance. These workers then should be able to register their contacts via a blockchain network.
Park Won-soon is on a visit to Switzerland, with his 30 person team investing time to understand business environment and structure of Zug also known as Switzerland’s Crypto Valley. Park has been a strong proponent of distributed ledger Technology in solving the problems of public and governance. South Korea is also poised to launch S-coin which should be a state-backed cryptocurrency. It will be focusing on funding public welfare programs and compensating private contractors so that the expenses can be made public for the benefit of the citizens.
South Korean ministry of ICT has already declared the plan to invest 9 million US dollars to incorporate blockchain Technology in six major public service sectors. Park, at the time of his campaign, promised increasing support for blockchain Technology & helping Mapo district become a Centre for blockchain incubation and development.
With initiatives such as this South Korea is not only putting themselves in a situation of advantage but also providing a challenge to the rest of the countries to pick up pace towards developing & implementing the legislative support for blockchain Technology. As these plans materialize we might see the completely different environment for blockchain Technology in South Korea and the rest of the world.