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Blockchain To Be Used In Competitive Processes In South Korea

11:01 17/01/2019
Seoul Authorities To Apply Blockchain In Competitive Procedures

The authorities of the administrative district Yeongdeungpo-gu, located in the South Korea capital, decided to apply blockchain technology for competitive procedures, Cointelegraph reports referring to the local information agency Newsis.


With the help of blockchain, the south-west administrative district of Seoul intends to increase the transparency of its actions during municipal tenders for the provision of various services.


Distributed ledger technology will help to improve the system of evaluation of different tender offers and to avoid possible falsifications of data when choosing organizations offering public services.


The blockchain-based system will be used in the district in 2019, and afterward in other municipalities.


The authorities of the Yeongdeungpo-gu district announced the creation of this blockchain system in July 2018. They had been persistently developing it and have finally succeeded.


In October 2018, the Seoul authorities announced the allocation of $53 million for the creation of a blockchain complex involving the implementation and promotion of innovative technologies from 2018 to 2022. To support innovative solutions, in early 2019, the South Korean Ministry of Strategy and Finance added blockchain technology to the field of research and development eligible for tax deductions.


As previously reported, the possibility of using blockchain during the voting process is considered in South Korea.

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