Seoul to release a city-wide digital currency

Spotted: Seoul, South Korea, is preparing for the release of its new, city-wide digital currency. Named S-coin, the cryptocurrency is due to go live in November of this year. The launch is part of Mayor Park Won-soon’s five-year Blockchain Urban Plan running from 2018 to 2022. 

Fourteen public services will be among the first programmes and organisations to use the new currency. These include document administration, vehicle registration and labour welfare.

The goal is for S-coin to simplify the processes needed to claim and verify pensions, welfare support and insurance, among other tasks. The city is also creating an identity document for use within the national blockchain system. 

The November 2019 launch also includes a programmable option that provides parents with ways to reward their children. In addition, the coin’s use can be limited to certain places by certain people. In future, the South Korean government plans to use the coin as a reward for citizens who are active civically.

Smart cities are not the only ones experimenting with the benefits of blockchain’s security and transparency. A variety of industries are finding ways to apply and use cryptocurrencies. Springwise has spotted a platform for time-stamped, confidential reports of sexual harassment and a global intellectual property rights management company.

29th August 2019

Source: New feed 1