Graph Blockchain Inks a Deal With Ministry Of Transportation In Seoul as Part of ‘Smart City Initiative’
South Korea has been accelerating its adoption of blockchain technology to stay ahead of the global curve. In the latest development, the country’s Ministry of Transportation signed a partnership with Canadian firm Graph Blockchain to run a pilot program for traffic data storage solution which will be blockchain-based.
Graph Blockchain Limited is a Canadian corporate entity, Headquartered in Toronto, with departmental operations located in Toronto, Vancouver, San Francisco and Seoul (Republic of Korea). The company develops bleeding-edge customized private Blockchain solutions – with a considerable edge on transactional data and query processing speeds. The use their proprietary integration of the AgensGraph Database engine with Hyperledger Fabric to create a transparent and immutable ledger with near real-time transactional data processing and intuitive data visualization.
Jeff Stevens, CEO of the Company stated:
“This is an exciting opportunity for our Company to introduce Graph Database Blockchain solutions to the Ministry of Transportation. We look forward to delivering a solution that will streamline and protect data for their smart city initiatives. The team is doing a fantastic job securing new business opportunities with multi-national corporations and government agencies, this will provide a strong foundation as we continue to search for gaming opportunities that will expand and diversify the Company for our shareholders.”
The contract between the two firms is approximately worth $55,000 CAD and is a part of the smart City initiative. For those uninitiated, Park Won-soon, the mayor of Seoul, had revealed a five-year plan to invest $108 million to develop the South Korean capital as a smart city powered by blockchain in October of 2018.
His Blockchain Urban Plan for 2018–2022 will cover 14 public services in five areas, with a government budget totaling 123.3 billion Korean won. Major public services that will adopt blockchain include labor welfare, vehicle history management, certification issuance, donation management, and elections voting.
With companies like Graph Blockchain joining this plan, it seems like the initiative is kicking off.