The national postal service of South Korea, known as Korea Post, is currently starting a partnership in order to apply the blockchain tech to its current billing system, as reported by local media outlets. This initiative will see the post office uniting with the crypto exchange Coinplug and NHN, a global IT company, in order to do it.
According to the reports, the local authorities will grant 800 million won (around $677,000 USD), in order to fund the initiative. The Ministry of Science of the country will be the one behind the whole operation, which will see Korea Post building its own blockchain-based payment method.
After the method is complete, it will be incorporated into the postal service of the country. Both Coinplug and NHN will be very important in order to develop technology in a joint way with the government to make the whole project a reality.
Before the project is finally ready for the official launch, a pilot program will be started in the city of Naju. The city may not be very famous globally, but it is often called the “innovative city” in South Korea. This attracted a lot of attention to the city, which is the reason why it was chosen to host the pilot program.
The reports also noted that the blockchain technology will also be applied to overseas remittances, not only to the ones that are sent locally. As soon as the system is fully done, this will completely change how the post office works in the country.
In related news, the South Korean Ministry of Science has recently announced that it will make a new study on the blockchain regulation of the country. This new study, which has been named the “Blockchain Regulation Improvement Study Group”, is focused on creating ways to take the blockchain to the masses.
Coinplug, the main partner of the initiative, was originally founded in June 2013. At the moment, the company offers wallet (custody) and trading services for its clients, as well as a prepaid Bitcoin card. The exchange was created by a joint effort between investors from South Korea and the Silicon Valley with the goal of targeting Asian markets.