The South Korean authorities is actively adopting disruptive improvements together with blockchain and distributed ledger expertise (DLT) inside numerous industries. It appears the nation desires to observe within the footsteps of Japan and Switzerland to grow to be a world tech hub.
As of now, the federal government appears to be like to use blockchain inside seven key areas together with donation, social welfare, renewable power, finance, actual property transactions, mail and voting. As different nations want to undertake blockchain to make sure transparency and equity in voting processes, South Korea is additionally seeking to get on that practice.
In this effort, the Ministry of Science and ICT (MSIT) just lately introduced the ‘Strategy to Spread Blockchain Tech for an Ultra-connected, Non-face-to-face Trusted Society’ at a basic assembly of the 4th Industrial Revolution Committee underneath the President’s Joint Ministries.
Free and honest polls carried out on-line
The authorities will set up a blockchain-based on-line voting system by 2022 that can enable stakeholders like voters to immediately entry and test outcomes. It is anticipated to be utilized to the web voting system of the Central Election Commission. Nevertheless, elections or public officers like presidents, parliamentarians, and heads of native governments that may’t legally vote on-line are excluded.
Following the hacking catastrophe that occurred in 2013, when the authorities developed and used an internet voting system generally known as Okay-voting, the federal government now believes that blockchain may very well be an ideal resolution, resulting from its unmatched transparency, belief and safety properties it offers in a digital voting community.
Back in 2018, the National Election Commission in a partnership with the Ministry of Science and ICT began growing a blockchain-based platform for voting and even held a trial within the non-public sector. However, it appears the builders have detected a flaw, so the full-scale launch was postponed.
Nevertheless, the Central Election Commission is not the one physique that is seeking to implement blockchain for voting. In early 2020, the Capital metropolis of Seoul introduced they are going to use blockchain to enhance the citizen engagement platform ‘Democracy Seoul’. In such a approach, the town authorities is seeking to defend its residents from fraud and forgery throughout referendums on numerous points.
As many of the world has been on strict lockdown, many typical spheres of human life are pressured to grow to be digital. Voting is not an exception, contemplating the truth that it is a obligatory course of in any democratic society. So the very fact South Korea intensified its analysis and improvement is not a shock, as many nations have began doing this lengthy earlier than.
Thus, as coinidol.com, a world blockchain information outlet reported, Russia introduced it is going to implement a blockchain-based voting system and truly trial it on July 1. Other nations together with the USA, Japan, Italy and others have additionally made efforts to progress with this use case of blockchain. But South Korea is really geared toward going additional.
The authorities additionally considers Decentralized Digital Identity (DID) expertise, which has grow to be a significant element of blockchain commercialization. In specific, it is deliberate to actively help DID because it is thought-about to be a key ingredient within the face-to-face economic system within the post-coronavirus interval.
Besides actively exploring the potential of blockchain expertise for numerous use instances, South Korea is going to hitch China in launching its personal Central Bank Digital Currency dubbed digital gained. The nation is going to make use of it as a contactless transaction technique by making use of the demonstration case of the Busan Regulatory Free Zone.
In order to shut the technological hole with developed nations, the Korean authorities will strengthen its help for responding to international requirements. If authorities use the Covid-19 disaster as a possibility, they will leap into a number one nation within the DLT that is the premise of the hyper-connected and non-face-to-face period.