South Korean Postal Service Partners with Coinplug to Introduce Blockchain

Asia Blockchain Review
June 23, 2019

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.  

Developing a Blockchain Payment System for Postal Services

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.

Enabling Blockchain Solutions and Improving Regulations

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.

Source: cryptobit.media

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
Quadrant Protocol Brings Data Subscriptions to the Blockchain through its Data Smart Contract
Data Smart Contracts officially launches after a two-month pilot period that saw over 27 million eQU...

July 17, 2019

TOMOB Trading Competition on Binance DEX
To celebrate the event of the BEP-2 TOMO token (TOMOB) listing on Binance DEX, TomoChain is rolling ...

July 16, 2019

Lumi Wallet Adds EOS Exchange
Lumi Wallet App now supports the exchange of EOS tokens directly within the app

July 14, 2019

Suntec Gears up for Blockchain Summit 2019
Blockchain Summit is the largest, dedicated Blockchain Event Series in the world. Taking place on Au...

July 11, 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