Blockchain Governance Team Formed By South Korea’s Seoul Metropolitan Government

Blockchain, News | February 1, 2019 By:

The Seoul Metropolitan Government has formed a new working group to explore the benefits of blockchain technology.

Called the Seoul Blockchain Governance Team, the group consists of 100 employees between the ages of 21 and 77, including students, developers, association executives, and corporate representatives. The governance team will be tasked to research the potential of blockchain in administrative services, including online voting system.

“The city will share the blockchain administrative service development process with the governance team, such as mileage integrated management, documentless online qualification verification, and automatic sub-contract payment,” the city government said. “Their opinions on the test operation will be reflected in the service improvement actively. Information sharing will take place from time to time through online communication channels such as SNS, a smart city cooperative system that will operate from May.”

The formation of the Seoul Blockchain Governance Team came after the city government announced plans to launch a ₩131 billion ($117M USD) innovation fund in the first half of 2019 to create jobs and accelerate economic growth in the region. The fund will intensively invest in startups, venture companies and small and medium scale enterprises (SME) that are developing solutions in seven areas, including blockchain, FinTech, and biotechnology, among others.