Blockchain technology could boost several economic areas in the country, such as online voting, donations, social welfare and renewable energy
Despite not citing terms like “decentralization”, blockchain technology is within the scope of the South Korean government.
In a new stimulus package, the country's government is focusing on two pillars: the “new digital agreement” and the “new sustainable agreement” to extract value from emerging technologies such as artificial intelligence, 5G and blockchain and have a low economy carbon content, respectively.
According to the local website Chosun, blockchain technology is being used in both agreements. The areas of online voting, donation, social welfare, renewable energy, finance, real estate transactions and “friendly” projects are some of the areas that will use distributed structures.
The energy sector will be the main focus of the sustainable agreement, as public records will facilitate transactions between energy generation companies, along with billing and renewable energy contract agreements.
A blockchain-based online voting system is expected to be used in the 2022 presidential elections.
Distributed identity services are also a focus: verification of driver's licenses and a decentralized identification service already in use are based on a public blockchain system.
Moon Jae-in, president of South Korea, estimates that these deals will result in the creation of nearly two million jobs in the next five years. More than 160 trillion Korean Won (or $ 133 billion) will be invested in the stimulus package.
All this innovation was only possible after the approval of an amendment in March of this year, which made the negotiation of crypto assets legal in the country.
In addition, in April of this year, the country's central bank, Bank of Korea, launched a pilot program to test a digital Won and plans to launch it by the end of 2021.
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