SEOUL, Nov. 27 (Korea Bizwire) – Samsung SDS announced on Sunday it has won a contract for the Seoul Metropolitan Government’s new information strategy planning project, which could see blockchain technology adopted throughout the local government’s network.
Through the new project, the Seoul government will develop a new blockchain model which could be adopted in various sectors of public service including transport, safety and welfare.
Blockchain technology uses a peer-to-peer network to keep records and verify transactions so as to avoid data modification and improve transparency.
According to Seoul’s proposal, the latest technology will first be adopted in areas where personal information is of significant importance, such as youth payment and used car markets, before branching out into other fields by 2022.
Over the next five months, Samsung SDS is set to work with the Seoul Metropolitan Government to assess the network environment and set up implementation plans.
The new venture is the first blockchain project in the public service sector by a private company in South Korea, according to Samsung SDS.
Samsung has previously commercialized its blockchain platform Nexledger for Samsung Card, and successfully trialed blockchain technology monitoring export volumes of shipping companies including Hyundai Merchant Marine and Namsung Shipping.