A report from local media outlet Newsis stated that Yeongdeungpo-gu district of South Korea has implemented blockchain technology in its proposal evaluation system to further improve transparency of its administrative processes.
The blockchain-based system is the first of its kind in the region to apply such technology. It will incorporate the immutability and data legitimacy aspects of the blockchain into various public service bidding company selection procedures. The system was said to have won the grand prize last year for an anti-corruption best practices contest.
According to the publication, the evaluation committee commented: “Yeongdeungpo was the first to apply this new technology to the proposal evaluation and it was so good that it was constructed to be easy to use.” It further plans to expand the application of blockchain and the current system built upon it to other local governments.
On many fronts, the crypto and blockchain industry in South Korea continues to gain adoption as numerous use case applications of the blockchain infrastructure continue to emerge in the nation.
Recently, government ministries in South Korea pushed the nation’s blockchain infrastructure to the seas in a new marine logistics project. The Defense Acquisition Program Administration (DAPA) also launched a program through which to offer grants of up to USD 530,000 to develop defense applications based on the 4th industrial revolution technologies.
Moreover, economic policies are also being adjusted to favor the growth of the industry. The government took an initiative to boost the sector by providing a tax incentive for blockchain-related research programs. Meanwhile, cryptocurrency legislation is still being worked out.
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