South Korean Post To Adopt Blockchain In Its Billing System

Korea Post, the national postal service of South Korea reportedly plans to employ blockchain technology into its billing system, as per the local news agency News1 Korea on June 5.

The South Korean government collaborated with local private companies including a major South Korean blockchain company Coinplug and global IT company NHN for the initiative. As per the report, a sum of 800 million won ($677,000) will be awarded to the project participants for their support the initiative by the South Korean authorities.

The Korea Post will purportedly incorporate a blockchain-powered payment method into its postal service, that will utilize blockchain expertise of Coinplug and NHN’s payment technology. Reportedly, the pilot project will be launched in the city of Naju, dubbed as the “Innovative City” it poses as a lucrative place for a  number of public offices to move from Seoul.

Operating under the authority of the Ministry of Science and ICT, the postal service also considers applying blockchain technology to overseas remittances, as noted in the report notes.

Founded in June 2013, Coinplug is a leading South Korean blockchain developer and service provider focused on the technology’s
innovation in different areas. As for this project, Coinplug will use its technical partner, Metadium blockchain to provide blockchain-based payment and authentication technology. 

The South Korean Ministry of Science and ICT recently announced a follow-up study on blockchain regulations. Dubbed as the “Blockchain Regulation Improvement Study Group,” the study intends to find out how regulations can be improved in order to embrace the benefits of the technology and to bring it to mass adoption.

South Korea observes new levels of Bitcoin (BTC) trading volumes on peer-to-peer (P2P) exchange LocalBitcoins as per the charts on BTC statistics service Coin Dance. The data shows that bitcoin’s weekly trading volumes rallied over the past two weeks, recording a new high of around 219 million South-Korean won ($185,000).

Read more:US SEC Files Fraud Charges Against ‘Crypto’ Firm Longfin Corp And Its CEO

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