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Seoul Mayor Unveils Plans For Blockchain Based Citizen Cards

Blockchain technology has been around for quite some time now, and it now in recent years that people are realizing the true potential of this new technology. As per recent news, published by local media outlet Queen.co.kr are to be believed, the Mayor of Seoul, the South Korean capital, Park Won-soon has recently announced that they will be starting to implement blockchain technology in the citizen cards that are to be issued.

The Mayor revealed this information when he was at the Korea Future Forum (KFF) 2019 & Blockchain Tech Show. He elaborated on how South Korea has been a hub of technological development and how they have been focusing on the development of blockchain technology for many years now. He also did not forget to mention how the city of Seoul too was no stranger to such innovative technological developments especially in the fields of blockchain technology and artificial intelligence.

Park emphasized on the role of blockchain in data storage, making data “even more important than before”, before saying that his city will start with collecting urban and administrative data for new services such as integrated authentication system of citizen cards which in turn will provide easy access to various administrative services.

Blockchain-based administrative services are already in use in Seoul via mobile e-voting and car sales. Last year, its mayor had even unveiled 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.