Ministry of Transportation in Seoul Enters Into Contract With Blockchain Company

1 min reading

On June 24, the Canadian company called Graph Blockchain issued a press release in which it announced the signing of a contract with the Ministry of Transportation in Seoul. As a result of this cooperation, a pilot program for data storage will be launched, all within the Smart City initiative.

Jeff Stevens, the CEO of Graph Blockchain, stated that the introduction of new solutions based on blockchain in the Ministry of Transportation is quite exciting. Stevens adds that his team performs a fantastic job providing new business opportunities to multinational corporations and government agencies, which provides it with a solid foundation. They are constantly looking for new challenges that will broaden and diversify the company. The company focuses on the development of solutions in the field of private business analysis and management of data placed in the blockchain. It also uses open source Hyperledger Fabric structure to create blockchain-based solutions.

Smart City in Seoul

The five-year blockchain development plan in South Korea was announced at the end of 2018. The mayor of Seoul, Won Park, emphasized at the time that DLT is undoubtedly the basic technology of the fourth industrial revolution and that it will be the future of IT. By 2022, the city is going to set up a public-private fund in the amounting to 88.2 million USD, which will be invested in blockchain startups. The concept also assumes the integration of solutions based on blockchain networks with Seoul's administration systems. The plan includes, among others, voting systems, charity collections and vehicle history reports.

South Korea and ICO

Not so long ago we wrote about the fact that South Korea wants to debate the bill that is to legalize the Initial Coin Offering. As it is generally known, the ban on ICOs is in force in South Korea since 2017. This law is quite unfavourable to citizens because many Koreans have to transfer their enterprises to countries where this kind of funding is legal. Lee Nak-Yeon (a South Korean politician) submitted an application to the National Assembly to amend the act. This proposal focuses on ICO regulations as well as the introduction of strict penalties for cryptocurrency frauds.

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