Busan Government to Launch Blockchain-Based Citizen Platform Project with Busan Bank

03/06/2023 03:49 • Metaverse & Beyond • 92 views

On March 6, the government of Busan, South Korea, announced that it would sign a business agreement with Busan Bank this afternoon to promote the pilot project of establishing and operating a blockchain-based integrated citizen platform. The integrated citizen platform construction project is a digital operation system based on the blockchain and providing comprehensive services such as application, receipt and use of various project-related subsidies promoted by Busan. Busan Bank will invest 3 billion won (about 2320000 US dollars) to establish and operate the platform in the next two years. (Yonhap)

Busan Municipal Government of South Korea will cooperate with Busan Bank to establish a one-stop subsidy comprehensive service based on blockchain

Interpretation of the news:

The government of Busan, a major port and financial hub in South Korea, is set to launch a pilot project of an integrated citizen platform based on blockchain technology. To this end, it has signed a business agreement with Busan Bank, which will invest KRW 3 billion (around US $2.32 million) over two years to establish and operate the platform. The project aims to provide streamlined and efficient digital services to citizens, and involves the use of blockchain to record and authenticate data and transactions.

At the heart of the integrated citizen platform project is the idea of promoting various project-related subsidies promoted by Busan through a comprehensive application, receipt, and use system. This is expected to make it easier for citizens to apply for and access subsidies, removing bureaucratic bottlenecks and increasing transparency and accountability. Through the platform, citizens will be able to conduct a range of transactions related to finance, welfare, and education seamlessly and quickly.

The project marks an important push by Busan towards the adoption of blockchain technology, which has gained traction in various fields, from finance to supply chain management, due to its security, speed, and robustness. By using blockchain, the platform will be able to ensure the accuracy and immutability of data, as well as preventing fraud and manipulation. Since blockchain is also decentralized, the platform will be less vulnerable to hacking and other forms of cyberattacks.

This announcement is a sign of growing interest and investment in blockchain technology in South Korea, which is seen as a leader in the field in Asia. The country has been exploring the use of blockchain in areas such as voting, supply chain management, and finance, and has attracted significant attention from international companies and investors. The use of blockchain is also expected to boost the country’s digital economy, which is one of the fastest-growing in the world.

In conclusion, the Busan integrated citizen platform project is a notable experiment in the application of blockchain technology to enhance citizen services and streamline government operations. By collaborating with Busan Bank, the government is signaling its commitment to leveraging new technologies to improve the lives of citizens and promote economic growth. The success of this project may pave the way for similar initiatives in other parts of South Korea and beyond.

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