While the nation has banned ICOs, they have been embracing Blockchain technology. The need for technological change has become increasingly clear, as the world becomes technologically interconnected. Hong Won-Pyo, CEO of Samsung SDS said:
“Samsung SDS’ Blockchain technology and consulting capabilities will contribute to Seoul’s leap as a top-rate global city.”
Samsung SDS has announced a lucrative agreement with the Korean government to create a new Blockchain technology-based platform for welfare, public safety and transportation by 2022. The hope is to increase transparency for the government services.
Blockchain for public sector
The nascent technology has become a basis for new government systems to create a combination of security and transparency. Because Blockchain technology presents a systematic approach to creating and controlling data, governments are rushing to utilize it for solutions.
Samsung SDS has already commercialized its Nexledger platform and applied it to the Samsung Card. The company has also suggested that the platform will be a viable solution for shipping logistics and has tested those capabilities as well.