Korea’s Initiative to Promote Blockchain Via Cryptocurrency Rewards

Koreas-Initiative-to-Promote-Blockchain-Via-Cryptocurrency-Rewards

In recent years, the BlockChain system has gained quite an attention from technologically advanced countries. And the impact is visibly seen in Korea, as they are opting for numerous ways to promote the blockchain system in the country.

Seoul being the capital city has taken the initiative in 2018, to accomplish projects for inclusion of the blockchain system and these projects are expected to be accomplished in 2022. Though after setup, there is not much growth observed in it.

And that is the reason, the officials of the city along with representatives from private sectors had held a conference, which has an objective to assign roles and determine the time frame to accomplish them.

The meeting discussed 3 basic projects which are subjected to be accomplished by November 2019.

The first one was the introduction of the blockchain point system. This methodology is taken to make people aware of the blockchain and also promote it in residents. Under this system, people will be able to get the S-coins, on the use of their public services.

These coins will then further be redeemed in terms of rewards which you can receive as cryptocurrencies. Public services for which one can receive coins are tax-paying, and participation in public opinion polls.

It is interesting to see if these coins will be up for trading on systems like the Bitcoin Loophole, and we at Top10BitcoinRobots will continue monitoring the developments.

The government has even launched a QR code which is made in collaboration with ZeroPay, which will authorize its residents to utilize payment services for goods and local services. This payment service is been exempted from the commissions of merchants.

Another priority of the Seoul Government is to utilize the blockchain system for an authentication process of documents and certificates. This will be done through “Seoul Citizen Cards”, through which paper documentation will be eliminated.

And lastly, the system is engaged for the facility of its part-time and temporary workers. With blockchain technology, there is a system made to record work history, and sign quick and easy contracts with employers. Even with the blockchain, the workers will be able to secure themselves with 4 major insurance policies.

These programs and goals are expected to be achieved by November and the controlling power is designated with city officials and operational powers are designated to private organizations.