Korea Post, the national postal service of South Korea, wants to integrate blockchain technology into its billing system, local media outlet News1 Korea reported.

The move is made possible through collaboration between the South Korean government and local private entities, including cryptocurrency exchange Coinplug and global IT firm NHN

Government-Funded Blockchain Initiative

According to the report, the initiative — which is part of the “Digital to Digital Convergence Projects” launched by the Ministry of Science, Technology, and Information — will receive 800 million won (approx. US$677,000) in government funding this month.

The collaboration will see Korea Post establishing and integrating a blockchain-powered payment method with the technical expertise of Coinplug and NHN. The postal service is also considering the use of blockchain for international remittances.

According to Cointelegraph, the pilot project will be launched in Naju, which has been designated as an “Innovative City.”

South Korea Fosters Robust Cryptosphere

The move by Korea Post is only the latest blockchain initiative by South Korea’s public sector.

The country’s biggest power provider, Korea Electric Power Corporation (KEPCO), has signed separate deals with two local power suppliers, Nambu Electric Power and Korean Southern Power Co. The deals are to build a blockchain-based system to transact renewable energy certificates. This project will fall under the supervision of the Science Ministry.

Coinplug, one of the partners in the Korea Post initiative, is a domestic blockchain company founded in June 2013. The firm offers cryptocurrency exchange and wallet services, as well as enterprise solutions. Coinplug was reportedly set up by South Korean and Silicon Valley engineers and targets the Korean and Asian markets.

Source: https://cointelegraph.com

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