South Korea’s Blockchain Plans in 7 Key areas

In its Digital New Deal policy, the South Korean government proposes using blockchain technology in 7 key economic areas.

By · Jul 18, 2020 . 6min read

Photo by Stephanie Nakagawa on Unsplash

South Korea government announces its blockchain plans to drive its economy in 7 key areas. It made this known at the 16th general meeting of the 4th Industrial Revolution Committee under the Presidential Office.

The Southeast Asian country has been at the forefront of cutting edge technologies and its implementation. Some of these include the blockchain, cloud computing and even the hotly contested 5G.

7 Key areas should feel the economic impact of the Digital New Deal policy

In its Digital New Deal policy, the South Korean government proposes using blockchain technology in 7 critical economic areas. South Korea will be beaming its blockchain plans in these areas: online voting, financial services and real estate. The rest are renewable energy, donations, social welfare and friendship projects.

In a bold step towards projecting itself as a technological powerhouse of the future especially within the ASEAN region, it plans on spending $48.2 billion in Blockchain and other Industry 4.0 technologies by 2025.

This is geared towards strengthening her economy as well as promoting digitization of all industries. By doing this, it will be fostering non-face-to-face industries in this COVID- 19 eras.

Seeking to be ahead of the curve, South Korea had earlier with its Ministry of Science and ICT and Korea Internet & Security Agency spearheaded a move to develop a blockchain-based identity management and verification platform for its proposed smart city in Sejong.

Upon completion, this should help combat digital identity theft and more heinous crimes like the hacking of self-driving vehicles which poses a severe danger to society.

Already tested a pilot program for a possible CBDC implementation

In the area of a central bank-backed digital currency, South Korea in April launched a pilot program for its CBDC. This is in preparation for any uncertain it may face from both its domestic and the international market. Although it claims there’s no plan to go live any time soon, it would rather be proactive than reactionary. This demonstrates its readiness to any of the uncertain markets conditions like coronavirus pandemic or any other economic risks.

With this Digital New Deal policy, the South Korean government is planning to implement through enveloping a blockchain-based online voting system as well as upgrading the pilot version of existing donations platform. Both of these should allow voters and other stakeholders to see the results of voting and donations thereby fostering transparency in governance.

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