South Korea to Run Follow-up Study on Blockchain Regulations

Asia Blockchain Review
June 1, 2019

South Korea’s Ministry of Science and ICT will run a second study following up on blockchain regulations under the title “Blockchain Regulation Improvement Study Group.”

As reported by Cointelegraph, The move is part of a government-run initiative to determine how improved regulations can ensure widespread institutional adoption of blockchain technology.

Launched in June 2018, the Blockchain Regulation Improvement Study Group was initially focused on updating legal regulations related to blockchain, including personal privacy, smart contracts, electronic documents and digital signatures, together with the application of distributed computing systems.

The research group will this year focus on five institutional areas where blockchain technology can achieve widespread adoption, namely logistics and distribution, public services, healthcare, finance, and energy.

The capital Seoul will also reportedly apply blockchain to its citizen cards, enabling card holders to more easily verify their identity and access administrative services.

Seoul Mayor Park Won-soon noted that the city has already implemented other blockchain-powered services, such as mobile e-voting, while the local government has earmarked over US$1 billion in funding for blockchain and fintech startups over the next 3 years.

The mayor has previously highlighted the role of blockchain in data storage, stressing that the value of data has become more important than ever before while saying Seoul will implement the technology for the purposes of collecting both urban and administrative data.

In January, the capital city’s government announced launched the Seoul Blockchain Governance Team, consisting of 100 employees, with the aim of examining the potential and benefits of blockchain applications.

Other countries planning or implementing blockchain strategies for economic development include New Zealand, Germany, Australia, and the United Arab Emirates.


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