South Korea’s Silicon valley is expanding its Blockchain programme

Seongnam, the Silicon valley of South Korea is expanding its already existing Blockchain payments programme to encourage older citizens to use it.

By · Aug 13, 2020 . 5min read

Blockchain use in South Korea

According to Kyunghyang Shinmun, South Korea is continuing with its trend of adopting blockchain technology on a full scale. Seongnam, a satellite city in the country, is expanding its already existent blockchain programme.

Seongnam is also known as the ‘Silicon Valley’ of South Korea. It is home to some of the biggest tech companies in the country. These include Kakao Group, SK Telecom, Ahnlabs, Nexon, and so on, who all reside in the Pangyo Tech Valley.

The city already supports a blockchain-based payments app. It now plans to add more features to help older people use it. ‘Chak App’ is the name of the app in question. The Korea Minting and Security Printing Corporation (KOMSCO) built it. The expansion of the payments app will also include the introduction of three new gift certificates. These certificates will represent cash, check cards, and mobile cards which can be used across the city. Moreover, these digital gift certificates can be used at 45,000 merchant locations in the city.

The gift certificates can be used like regular check cards. Individuals will not need to scan the merchants QR code or enter a PIN or product value.

South Korea’s Blockchain Adoption initiatives

We reported last week about how South Korea will use blockchain technology to manage toll collection. The Korea Expressway Corporation partnered with KEB Hana Bank to allow users to make payments or receive refunds through the bank’s app. The government has also announced that it would invest nearly $50 billion in the development of blockchain and other industry 4.0 technologies by 2025.

LG CNS has already launched Monachain, which is a blockchain-based logistics solution in the city of Seongnam, amongst other places. Therefore, the country is one of the few that is leading the way in terms of blockchain adoption. Along with China, South Korea has understood the potential of technology and actively encourages its use.

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