South Korea is among the few countries that are seriously engaging blockchain technology. According to a news release, the country’s elections authority is trialing a blockchain-based voting system. The move involves the Ministry of Science and ICT and the National Election Commission (NEC).
The country’s Ministry of Science and ICT is working diligently to help the NEC hold better elections. Further, the agency will add artificial intelligence, big data, and IoT technology for more efficiency and service delivery.
A blockchain-based voting system to uphold democracy
Interestingly, the move comes just a few weeks after the Blockchain International Digital Festival witnessed a demonstration of voting solution. Showcased by ICON, the blockchain-based voting system utilizes all the fundamental features of distributed ledger technology (DLT).
According to the demonstration by ICON Foundation, the initiative has three main elements. In particular, the system incorporates ICON Blockchain Identification Card, ICON Blockchain Vote, and ICON Blockchain S-Coin Payments.
According to the ICON Foundation, the solution aims to create more reliability of the electioneering process. The blockchain scene in South Korea is very vibrant. This is especially due to the various efforts by government agencies to support the firms in the blockchain space.
Blockchain fund
Seoul, the capital city of South Korea is creating a blockchain complex to house around 200 companies. Further, the city will institute a blockchain fund worth 100 billion won ($88 million) to nurture blockchain-related talents.
According to the mayor of Seoul, the fund is a joint initiative by the public and private sectors. Particularly, the city expects the initiative run for five years and with a total investment of 123.3 billion won.
However, the government is also not relenting on its push to make the sector safe for investments. Interestingly, the government conducted some raids back in May on some exchanges to ascertain the soundness of their security.
The country is taking huge steps in nurturing the nascent technology. Trialing the blockchain-based voting system is a major commitment on the part of the government.