South Korea’s Jeju Preparing To Launch Blockchain Resort

Asia Blockchain Review
November 4, 2019

South Korea’s Jeju island is developing its blockchain-based ecosystem for tourism. Led by iFang Korea, the resort island will use a token called Olegang.

The blockchain ecosystem is being developed by the Olefang Global Consortium, which promises companies from China, Japan, and South Korea. A mobile app developed by the consortium, led by iFang, and currently available in Korea will support other languages to facilitate tourists visiting the island.

Blockchain Utilized To Spur Local Tourism

In the blockchain ecosystem, foreign tourists will not have to pay conversion costs during their stay if they are customers of the ecosystem participants. They include tourism-related businesses such as restaurants, hotels, car rentals, and shops.

Aside from the app, the consortium is working with Jeju National University on foreign language courses for youths planning to work in Jeju tourism. 

The consortium is also collaborating with the Korea Food Industry Association to utilize information and communications technology to develop smart farms on the island, with plans to promote businesses that make use of the island’s natural resources for medicinal purposes.

Jaebung Shim, CEO of IFang Korea, said, “We will expand the world through the OlePang Global Consortium to showcase the environment where blockchain and Cryptocurrency can be used in real life from Jeju Island.”

Consortium Members Meet in Jeju on Blockchain Ecosystem

Mai Group, along with a distribution business and a travel agency, is among the consortium’s Japanese members who attended the recent meeting. TruChain, a Chinese firm that runs a public chain for the Chinese government, also took part in the meeting.

From South Korea, Sooro Yu, Chairman of the Korean Baduk Association, and Youngmin Ko, Chairman of the Korea Association of Korean Food Industry, were present at the meeting to discuss the blockchain ecosystem.


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