Seoul is the Capital and largest metropolis of South Korea. Seoul Metropolitan Government’s intention to develop an ecosystem focusing on distributed ledger technology (DLT) in the country. There are 14 projects that are in the planning stage to use blockchain until the year 2022.
14 projects included voting, city administration, used car trading, health care, energy sharing, charity funds and much more.
This involves an investment of about $88 million or 100 billion in these projects.
If the projects are developed as planned, the blockchain would enable medical records to be stored on a single secure system thus enabling stakeholders to access, be it clinics or hospitals.
The city government is planning to have this system in place before 2021. The government indicated that encrypted format would be used to save citizens’ medical records.
The city establishment indicated:
In 2019, we will experiment with district health centers, city-run hospitals, and private hospitals. We hope to have the system up and running by 2021.
Also, blockchain will be used for allowing people to cast their vote from next year.
Similar is the case in respect of trading cars. The key factor is that it will indicate whether the buyer of a car registers since there is a concern that registration was not carried out by those new owners.
Now that it will be available on the blockchain, the history of used cars could be traced, and it is difficult to delete any information.
The government said blockchain will be used for automatic payment once contract requirements are fulfilled.
The promotion of blockchain meant that it would have its impact in the way businesses are done from early next year.