Graph Blockchain & South Korea Govt Collaborate on Smart City Development

Asia Blockchain Review
July 11, 2019

Graph Blockchain Inc., headquartered in Richmond, Canada, has announced that it is entering a partnership with the Ministry of Transportation of South Korea. According to Cointelegraph, the Canadian firm will operate a pilot program to track and store traffic data on a blockchain-powered platform.

Blockchain Technology Drives Seoul’s Smart City Initiative

According to the company’s June 24th press release, CEO Jeff Stevens said in a statement that Graph Blockchain will implement distributed ledger technology to “streamline and protect” traffic data in the South Korean capital of Seoul

Graph Blockchain will reportedly operate the open-source Hyperledger Fabric framework to develop the blockchain platform.

The contract between the firm and the South Korean government was worth approximately C$55,000 (approx. US$41,921). The project is part of a pilot program in South Korea’s smart city initiative. 

South Korea Driving Blockchain Development for Seoul

In 2018, Seoul Mayor Park Won-soon said the city’s administration is working on the establishment of the ‘Blockchain City of Seoul’. The project, which will span five years, is aimed at developing the blockchain industry in the nation’s capital. 

Mayor Park added that in the near future, administrative systems will run on blockchain, including the voting system, charity management, vehicle history reports, and identification cards. 

Meanwhile, financial institutions in South Korea are also adopting blockchain solutions and developing blockchain innovation. However, cryptocurrency has been largely ignored in the country due to the lack of government support, as initial coin offerings (ICOs) have been banned.

Source: https://cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
China Races to Roll Out National Digital Currency
Following Facebook’s announcement of Project Libra, China has been more determined than ever to intr...

September 23, 2019

Crypto Exchange Hires Singapore Monetary Authority Veteran as Compliance Chief
iSTOX, a digital securities issuer and crypto exchange, announced that it has hired a 15-year vetera...

September 23, 2019

Isle of Man Issues First Token-Based Supplier License
Blockchain gambling platform FunFair has become the first company to be approved for a token-based s...

September 23, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us