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.
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