Blockchain technology has been broadening their use cases lately, and the growing interest of other countries makes it essential to do some research of their own. The Seoul Metropolitan Government has been considering the use of blockchain to handle administrative services.
To examine how it would be applied, the government set up the Seoul Blockchain Governance Team, according to Yonhap News.
The report from Yonhap News shows that the applications that blockchain could ultimately be involved in include an online voting system and other services. However, the main focus during this research will be on integrated management systems, document verification, and automatic payments for sub-contracts.
Presently, there are 100 employees on the team, ranging from 21 years old to 77 years old. The group inclusive associate executives, project makers, developers, and even students.
In South Korea, financial regulators made the use of an ICO within their country illegal, stating that the funds were being raised by residents of South Korea, but used in other jurisdictions. Also, in South Korea, a fintech firm called BxB launched a stablecoin that will be linked to the Korean won. The KRWb token will be traded at a 1:1 ratio, and users with ERC-20 compatibility will have access.
