Busan, South Korea to Promote Blockchain-Based Integrated Citizen Platform

03/06/2023 03:49 • Tech Ticker • 120 views

On March 6, the government of Busan, South Korea, announced that it would sign a business agreement with Busan Bank this afternoon to promote the pilot project of establishing and operating a blockchain-based integrated citizen platform. The integrated citizen platform construction project is a digital operation system based on the blockchain and providing comprehensive services such as application, receipt and use of various project-related subsidies promoted by Busan. Busan Bank will invest 3 billion won (about 2320000 US dollars) to establish and operate the platform in the next two years. (Yonhap)

Busan Municipal Government of South Korea will cooperate with Busan Bank to establish a one-stop subsidy comprehensive service based on blockchain

Interpret the above information:

The government of Busan, South Korea, announced its plan to sign a business agreement with Busan Bank to establish and operate a blockchain-based integrated citizen platform. This new platform, which is set to be built on blockchain technology, will provide a variety of digital services including application, receipt, and use of various project-related subsidies. Busan Bank has committed to investing 3 billion won (approximately $2,320,000 USD) over the next two years to build and operate the platform.

This new project marks a significant shift towards digital innovation in government services. Through the integration of blockchain technology, the platform aims to provide greater efficiency and transparency in the services offered by the government of Busan. The platform will also enable citizens to access and manage their project-related subsidies easily and efficiently.

One of the main advantages of blockchain technology is that it provides a highly secure and transparent infrastructure for data sharing. This is particularly important in the context of government services, which often involve sensitive personal and financial information. By using blockchain technology, the Busan government can ensure that citizens’ data is protected against fraudulent activity, while also making it accessible to those who need it.

The partnership between the government of Busan and Busan Bank is also significant because it brings together two major players in the South Korean economy. As a leader in the financial sector, Busan Bank’s involvement in this project is a sign of the growing importance of blockchain technology in the world of finance. The project will also have important implications for the development of blockchain-based services more broadly, as it represents a high-profile case study of the potential of blockchain technology to revolutionize government services.

In summary, the announcement of the pilot project to establish and operate a blockchain-based integrated citizen platform in Busan, South Korea, is an important milestone in the development of digital government services. The use of blockchain technology will provide a greater level of efficiency and transparency in the services provided by the Busan government, while the partnership between the government and Busan Bank signals a growing recognition of the potential of blockchain technology in the financial sector.

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