Although South Korea has mostly shied away from fully embracing crypto assets, as evidenced by its ban on initial coin offerings (ICOs), the country has been much more accepting of blockchain platforms. This acceptance has been especially apparent in Seoul, where plans are currently underway to transform the city into a future blockchain hub.
As reported by BTCmanager, it was also announced earlier this month that the Defense Acquisition Program Administration (DAPA), the official arm of the South Korean government tasked with military acquisitions, has begun trialing a blockchain program. The aim is for the adoption to improve business processes in the military and ensure that sensitive information can be shared securely between government bodies, while also preventing defense data from being illegally altered.
Participating organizations include the Agency for Defense Development and the Defense Agency for Technology and Quality.
Additionally, DAPA intends to utilize the technology underpinning cryptocurrencies to streamline the application process for state procurement projects and reduce the volume of paperwork involved.
Among the most compelling advantages of blockchain technology is the creation of permanent data records, which are especially useful when working with sensitive data and dealing with important issues of national defense.
Worth noting as well is the environmental benefit, as many offices in South Korea and around the world try actively to reduce the wasteful use of paper in documentation. These initiatives and others indicate a growing consensus across various sectors on the immense potential of blockchain technology to streamline data sharing and be applied effectively across different industries.
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Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
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