The capital of South Korea, Seoul, has finalized a deal to launch a pilot for traffic data storage on blockchain as part of its Smart City Initiative.

Canadian tech firm Graph Blockchain Inc will be their implementing partner in a CAD 55,000 (USD 41,700) deal that will see the firm’s blockchain solution help streamline and secure traffic data atop the Hyperledger Fabric framework.

Last year, Seoul Mayor Park Won-soon had announced the “Blockchain City of Seoul”, that would see the blockchain hub take shape over the next five years. The city’s administration systems would be the first to benefit from blockchain applications, such as voting systems, charity aid management and even vehicle history reports. Just last month, he announced that citizen ID cards were the next in line for blockchain integration.

Korean crypto influencer Hyun-sik ‘Soso’ Choi noted that South Korean banks, while wary of crypto, had an open attitude towards its underlying blockchain technology:

“Korean banks are jumping into the blockchain field. While this proves there is huge interest in the technology from traditional finance, all the attempts are on the tech side. They are ignoring the cryptocurrency part.”

A ban on initial coin offerings has stayed in place, although the trading of digital assets on the open market is regulated in South Korea.

 

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