South Korea, a nation that is a major trading hub for digital currencies, plans to takes it love for the blockchain a step further. Seoul, the most prominent city in the nation and the capital city of S. Korea, is working on a digital currency, dubbed the S-Coin. This cryptocurrency has been envisioned to be used in municipal transactions according to Park Won-Soon, the Mayor of the city. He divulged this information during an interview on Coindesk a while back.
What Park Won-Soon Said About S-Coin
During his interview, Park went into detail about the various applications of the blockchain and cryptocurrency for the city. Mr. Park said that the blockchain could be used for multiple services in the city and various administrative tasks. Some of the examples he provided include youth allowances for the unemployed youths and paying for public transport.
However, he also talked about the regulatory issues. He said that if S-Coin was to work, there needed to be institutional and legal support prepared via various bylaws.
The mayor’s stance on digital currencies is entirely different from that of the central government. The S. Korean government has alternated from threatening to shut down crypto to being supportive of crypto in recent months. It is good news for the crypto markets, especially considering that S. Korea is the third largest market globally for crypto. According to some accounts, traders in South Korea are solely responsible for propping the prices of coins like Ripple and Ethereum.
The Blockchain & Smart Cities
As the profile for crypto coins has continued to rise, state and city governments globally have taken a keen interest in them. They view them as a great solution, which could help to streamline operations and offer various services. Most consider the blockchain as an essential part of smart cities.
Smart cities are cites that utilize technology to find various fixes to issues that they face. For instance, Dubai is said to have released the EmCash coin. The city said that they would use the coin for various services and even utilize it for charging utilities.
The blockchain and cryptocurrency could help to simplify the provision of social services. For instance, S. Korea has a youth allowance program where recipients need to submit receipts and reports showing how they spend the funds. With the decentralized nature of the blockchain, this could help to eliminate any guesswork for authorities. Besides that, the blockchain will help to make it easy to track whether the program is succeeding or failing.
Seoul Large Masterplan
It is part of a significant blockchain master plan by Seoul, which the city expects will be done by April. In November 2017, the city hired Samsung SDS who will help it create an information strategy plan for innovations based on the blockchain. It is the first city in the nation to have a roadmap for introducing blockchain technology. The mayor said that if the government would relax various regulations, it could make it easier for them to pursue their model.