September 14, 2026

Capitalizations Index – B ∞/21M

Here’s How the Gov’t of Seoul is Using a Public Blockchain in the Real-World

Here’s how the gov’t of seoul is using a public blockchain in the real-world

Here’s How the Gov’t of Seoul is Using a Public Blockchain in the Real-World

Here’s how the gov’t of seoul is using a public blockchain in the real-world

The government of Seoul is using ICON, the largest blockchain project in South Korea by valuation, to process information, issue documents, and conduct a wide range of administrative tasks.

On February 8, the Seoul Metropolitan Government moved forward with its plans to develop a blockchain ecosystem with the people of Seoul by creating the Seoul Blockchain Governance Team.

The Seoul Blockchain Governance Team is composed of 40 college students, 30 normal residents, 20 blockchain developers, and 10 industry experts. The team will develop, test, and deploy distributed ledger-based systems in the upcoming months for the government.

Ultimately, the Seoul Metropolitan Government expects to integrate blockchain applications created from the city-wide initiative into the core operating IT system of the government that is used to carry out key administrative activities.

Real-World Use Case of Blockchain in South Korea

To formalize the establishment of the Seoul Blockchain Governance team, the government sent letters of appointment to all 100 members of the team.

Source: ICON Foundation

The letters were processed on the ICON network through a mobile application. Because they were processed on a public network, the letters of appointment are publicly accessible with distributed ledger explorers.

Letters of Appointment Sent Out by the Government of Seoul in the Form of Transactions

The usage of ICON to distribute government documents is the first case in which the government of South Korea utilized a distributed ledger network to process information.

J.H. Kim, a council member of the ICON Foundation and CEO of ICONLOOP, said in an exclusive interview with CCN that the initiative will be a stepping stone towards broader adoption of blockchain and decentralized systems by the government of South Korea.

He said:

We see this project as the first step in the adoption of ‘public blockchain’ extending from the current private blockchain usage by public agencies in South Korea. ICONLOOP will work closely with the city’s administrative services to realize the future where disruptive blockchain technology to underpin many aspects of our daily lives.”

Speaking to CCN, Kim emphasized the use case of private distributed ledger projects in linking efficient systems to a public network.

“We are thrilled to have a great opportunity to lead public blockchain use-cases on top of the ICON Network led by the government; this became only possible based on our private blockchain projects in cooperation with the Seoul Metropolitan Government to provide transparent and efficient blockchain-based administration services,” Kim said.

In the long-term, both the ICON team and the government of Seoul expect to utilize the distributed ledger technology to process crucial administration services such as citizenship card services, authentication of documents, sub-contract payments, and mileage points integration.

Seoul’s Proactive Initiatives

In October 2018, Seoul Mayor Park Won-Soon first revealed the ambitious plans of his office to transform Seoul into a blockchain city.

In Zurich, Switzerland, Mayor Park stated that the city will establish an ecosystem that could fuel the adoption of the distributed ledger technology and cryptocurrencies.

By 2021, Mayor Park said that Mapo, a major district in Seoul, will support a “blockchain park” that with more than 200 companies working on the development of distributed ledger technology.

Last month, Mayor Park said that the government will develop a citizen’s card using the distributed ledger which will be used to process payments, store mileage, and carry out a variety of daily tasks.

The government selected ICONLOOP as the official operator of the Seoul Blockchain Demonstration Project and the ICON team is expected to be involved in the development of most distributed ledger-based applications of Seoul in the years to come.

Initially, the grand vision of the government of Seoul was met with mixed reactions from analysts and the local cryptocurrency community. But, as the government continues to push its plans forward and show progress, it may convince the people of Seoul that the blockchain can be widely implemented.

Published at Thu, 14 Feb 2019 09:13:04 +0000

Previous Article

Indonesia: $70 Million Capital Requirement for ₿itcoin Futures Sparks Anger

Next Article

Here’s How the Gov’t of Seoul is Using a Public Blockchain in the Real-World

You might be interested in …

Re: Perbedaan Trading BITCOIN dan Trading FOREX

Re: Perbedaan Trading bitcoin dan Trading FOREX Advertised sites are not endorsed by the bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here. candrammm Member Offline Activity: 117 – tanya […]

The history of bitcoin

The History Of Bitcoin

The History Of bitcoin bitcoin has been called a lot of things. Fans of the cryptocurrency see it as the future of money, convinced that it’s on track to shake up the world of global […]

Why Recent Bitcoin Price Drop Was Long Overdue, and How it Will Recover

Over the past 24 hours, the bitcoin price has dropped from $15,900 to $13,000, recording a 19 percent decline in value.

Major Market Correction

The price of bitcoin fell sharply as the entire cryptocurrency market experienced a major correction. The combined market valuation of cryptocurrencies fell from $600 billion to $489 billion within a single day.

Analysts have attributed the recent decline in the price of bitcoin and every other cryptocurrency in the market to the latest bull run and strong rallies of the cryptocurrency market. Several cryptocurrencies including bitcoin, Litecoin, Ripple, and Ethereum have recorded nearly 100 percent gains in the past 30 days.

bitcoin in particular has recorded a 63 percent monthly increase in value since November 23, even with the recent price correction which sent the bitcoin price from $15,900 to $13,340.

Last week, as soon as the price of Litecoin recorded a staggering 150 percent increase in a three-day span, Litecoin creator and former Coinbase executive Charlie Lee cautioned investors and Litecoin users about a potential correction.

He emphasized that a strong rally or a bull run in the cryptocurrency market is almost always followed with a minor or a major correction

“Every crypto bull run I’ve seen has been followed by a bear cycle. The market needs time to consolidate. That’s just my experience from 7 years of watching this space. How low and how long it will be is TBD. People need to be aware of this possibility and invest responsibly,” said Lee.

Large-scale corrections are beneficial for bitcoin and the cryptocurrency market because they prevent short-term bubbles from forming. Upon the occurence of corrections, the market shakes off weak hands and stabilizes, as speculators drop off.

bitcoin Has Had Many Major Corrections of Similar Scale

Cryptocurrency analyst and researcher Robert Reid noted that bitcoin has had six major corrections during which its price fell by more than 30 percent in 2017. Each correction was followed by an increase in value of 76 percent, 237 percent, 183 percent, 165 percent, and 152 percent, as the market stabilized and prepared for new rallies.

As it always had done in the past, the price of bitcoin will likely recover and gear towards a new all-time high in the upcoming weeks. The price of bitcoin has already recovered after falling to $12,000 merely hours ago. At the time of reporting, the price of bitcoin remains above $13,400 across major markets and exchanges.

In several regions such as Japan and South Korea, investors are still trading bitcoin with a huge premium, demonstrating that the demand for the cryptocurrency has not decreased largely over the past two days. On Bithumb, South Korea’s largest cryptocurrency exchange, the bitcoin price is $16,460, with a daily trading volume of $530 million.

The post Why Recent Bitcoin Price Drop Was Long Overdue, and How it Will Recover appeared first on NEWSBTC.