The Korea Internet & Security Agency, or KISA, is the first public entity of South Korea to implement a blockchain-powered employee ID system through a smartphone app starting October. According to Yonhap, the agency will also issue tokens called “KISA Coin” to reward KISA’s best employees, enabling them to purchase snacks, beverages, and even office supplies. It is currently being pilot tested, with the expectation to make it available for the entire workforce. The new employee ID system will allow KISA’s workers to use near field communication technology, or NFC, by scanning QR codes to access their respective workplaces via …
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 …
Andong, a city in the Gyeongbuk province of South Korea, announced on July 7 that they’ve been granted a permit to operate a free trade zone for industrial hemp. They additionally announced that they will manage their operations through a blockchain-based platform. According to Newspim, Gyeongbuk’s governor, Lee Chul-woo, held a press conference to reveal the permit granted to the city, allowing them to run the “Special Industrial Hemp Free Zone.” This zone aims to present a new model of regional specialized industries by implementing smart farming and high-tech bioindustry solutions. Overseeing the industrial hemp production with Blockchain The government …
South Korea’s regulatory sandbox has helped create almost 380 blockchain and other fintech jobs and generated around $110 million in investments. According to Shina Ilbo, the sandbox is overseen by the government's financial regulator, the Financial Services Commission, or FSC. It temporarily exempts companies from various regulations regarding financial services to aid with innovation and growth. The report said that 16 companies have been recognized for their growth potential, and attracted more than 136.4 billion won ($110 million) in new investments. Some of the companies participating in the government-sponsored program are pursuing business across 14 countries in Asia, including Indonesia, …
Government-issued electronic currency seems to be an idea whose time has come. “More than half of the world’s central banks are now developing digital currencies or running concrete experiments on them,” reported the Bank for International Settlements, or BIS, in early May — something that would have been unthinkable only a few years ago. The BIS also found that nine out of ten central banks were exploring central bank digital currencies, or CBDCs, in some form or other, according to its survey of 81 central banks conducted last autumn but just published. Many were taken aback by the progress. “It …