South Korea’s national postal service, Korea Post, is reportedly partnering with local cryptocurrency exchange Coinplug to use blockchain technology in its dispatch system.
According to Cryptobіt.media, the collaboration includes the South Korean government and local private companies such as global IT company NHN, with authorities to grant project participants ₩800 million (US$677,000) to support the initiative.
Korea Post, operating under the direction of the Ministry of Science and ICT, will develop a blockchain-based payment system incorporated into its postal service using the expertise of Coinplug and NHN’s payment technology.
The pilot project is set for launch in the city of Naju, which has attracted a number of public offices to relocate from Seoul. The postal office is meanwhile also considering the adoption of blockchain technology for overseas remittances.
Coinplug was founded in June 2013 and offers cryptocurrency exchange and wallet services, along with enterprise solutions, with a focus on the Korean and broader Asian market.
As reported by Cointelegraph, the blockchain firm plans to work with its technical partner, Metadium, to enable both a blockchain-powered payment solution and an authentication system as part of the collaborative project with Korea Post.
Additionally, South Korea’s Ministry of Science and ICT also announced a follow-up study to be conducted by the agency regarding blockchain regulations. The study, called “Blockchain Regulation Improvement Study group,” aims to determine how regulations can be improved in order to embrace the benefits of blockchain technology, while also working towards mass adoption.
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