Institutional interest in crypto is growing, confirmed by a Goldman Sachs survey, which found that 40% of the company’s high-net-worth clients were already exposed to cryptocurrencies. Stablecoins — which offer a more secure and steady option in the crypto space — have experienced hyper-growth, reaching a $119 billion market cap. The volatility of crypto has attracted more conservative investors to asset-backed stablecoins. Stablecoins are a form of private money. As Christina Segal-Knowles, executive director for financial markets infrastructure at the Bank of England, points out, modern money is a combination of public and private funds, up to 95% of which …
The Blockchain frenzy in South Korea has now reached the housing sector, with the national government pledging $1.27 million in funding for a blockchain-based platform that targets apartment residents across the country. According to ZDNet Korea, the South Korean Ministry of Science, or ICT, chose a local firm, Ksign, to develop a contact-free platform which will let residents engage with electronic voting, parking space management, and other housing-based governance measures. The platform will also aid with social distancing, said the announcement. The project’s creators further noted that they expect it will “strengthen public health in the apartment spaces.” Homeowners, residents, …
The South Korean government plans to invest over $48.2 billion in Blockchain and other Industry 4.0 technologies by 2025. The nation’s goal is to promote the digitization of all industries in the coming post-pandemic era. According to ZDNet Korea, President Moon Jae-in praised “several benefits” that the new industrial revolution could bring to the country. Moon elaborated: “The fourth industrial revolution and digital civilization are the future of humanity that has already begun. The national development strategy to advance in the trend is the Korean version of the new deal. It is possible to jump from the older economy to …
The Commons Foundation, a South Korean non-governmental organization, revealed its plans to develop a blockchain-based platform that aims to handle health epidemics in the wake of the COVID-19 crisis. According to Digital Today, the NGO will rely on blockchain public services to create an epidemiological research system to suit the coming post-coronavirus era. The article quotes a statement from Choi Yong-gwan, chairman of the Commons Foundation, who expressed concerns regarding the ongoing violation of personal information due to the pandemic emergency. Such a situation motivated the NGO to develop a solution. Guaranteeing privacy through the platform Choi says that the …
KEB Hana Bank, one of the biggest commercial banks in South Korea, reached an agreement with the state-backed highway operator, the Korea Expressway Corporation, to bring blockchain-based toll payments system across the nation’s highways. According to D Daily, the project is expected to launch before the end of the year. The system will connect KEB Hana’s smartphone banking app, Hana One Q, for motorists to arrange their toll payments, defer them, or even receive toll fee refunds. The report states that both parties involved in the deal reached to implement the blockchain solution aim to remove the cash-based or credit …