Seoul Is Going To Invest In Blockchain

Dawid Paluch
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The capital of South Korea wants to develop a conception of the smart city. To do that, Seoul has  a five-year plan to invest around $108 million in blockchain technology. The capital city has a lot of ideas, including helping part-time workers.

There is a lot going on in South Korea. After announcing a desire to be the blockchain number one in the world and doubling funds in blockchain development for 2019, now the capital city has its plan to use new tech.

Seoul as a trailblazer

Park Won-soon, the mayor of Seoul, revealed a long-time program to change the metropolis into the smart city.

The mayor visited Zurich last week. He announced his Blockchain Urban Plan for 2018-2022. The project will provide for 14 public services in 5 different areas. A budget for the program will be a total of 123.3 billion Korean won (around $108 million).

Keeping promises

The arrangement is a part of the pre-election promise. Park promised in his campaign that he would support blockchain more, than in the previous tenure. After winning his re-election, he keeps his promises. According to plan, Mapo district will be the center of blockchain actions.

The new policy includes developments in social care, voting in elections, issuing certifications, vehicle history management systems, and donation control.

One of the most critical issues is the help for part-time workers. These workers usually do not have employment contracts or basic insurance. A blockchain application will be developed as a part of the project, where workers will be able to register. Next, government authorities will share this information with insurance companies and together they will come with ideas for the coverage.

South Korea invests in new technology

But that’s not everything, Seoul mayor has in his plans. Park Won-soon pledged to spend another 60 billion won (around $53 million) to build two compounds by 2021. These complexes would host about 200 blockchain startups. The capital city will use Gaepo Digital Innovation Park and Mapo Seoul Startup Hub for this purpose.


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