South Korea to Establish First Blockchain-based “Proposal Evaluation System”

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South Korea to Establish First Blockchain-based "Proposal Evaluation System"

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In a 19 July press release from the Yeongdeungpo-gu administrative district in South Korea, a new standard of administrative procedure is to be implemented via a blockchain-based “Proposal Evaluation system”.

The press release reports that this is the first time a technology of the fourth industrial revolution (4IR)has been established in the nation.

First of its kind

Chung Hyun-il, the head of Yeongdeungpo-gu said, “We expect that the integrity and reliability of the city will be further improved by utilizing the new technology of the fourth industrial revolution, the blockchain… We will continue to use the blockchain, big data, we will continue to pursue more reliable and better policies.”

The administrative district based in southwest Seoul is seeking to reinvigorate the transparency, reliability and credibility of proposal assessment as well as evaluation procedures with blockchain technology. This includes real-time result disclosure, publishing results of negotiations and holding proposal review meetings.

In practice, all proposal evaluations would make their way through the blockchain evaluation system. Once the evaluation committee digitally signs the results, it is uploaded to the blockchain and the result is displayed on the Yeongdeungpo-gu homepage in real-time.

The press release also goes further on to describe how this new implementation can internally streamline administrative procedures for ‘all existing evaluation processes such as proposal review meeting, publishing results, reporting results, notifying negotiations, and auditing future proposals.

The first use of the new system is scheduled for next month when proposals for improving indoor air quality and the establishment of the energy management internet, which is an Internet of Things project, another key technology in the 4IR.

Preparations for the new era

South Korea has been one of the nations at the forefront of blockchain technology and the4IR. In late June, the South Korean Ministry of Science Technology (MSIT) and the US State Department announced their intentions to coordinate and corporate bilaterally with their IT policies, cybersecurity and privacy in preparation for the 4IR.

Again, in preparation for the new technological era, South Korea’s Financial Services Commission recently revealed a new governing body named the Financial Innovation Bureau to help protect financial consumers against risks that will be ushered in by emerging innovative financial technologies in this time.

Furthermore, the government has intentions to catalyze the successes of businesses and enterprises described as “new-growth technologies” by introducing special tax rates for those invested in the space. This covers 157 technologies across 11 areas which includes blockchain and quantum computing.

Until the 26 July, major political parties in South Korea are making draft bill submissions to clarify the status of blockchain, cryptocurrencies and initial coin offerings in the nation. The nation appears to be proactively scrambling to prepare for a new age, with the potential of setting the global standard.


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