On May 21, a report by Yonhap News said that the Ministry of Science and Information Technology and ICT will conduct follow-up studies on blockchain regulations.
The study, titled "The Blockchain Regulatory Improvement Research Group," is part of the government's science and technology department to study and improve regulation to promote the use of blockchain technology in institutions.
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- In 2019, the blockchain industry raised $822 million, a 50% decrease from the same period last year.
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The Blockchain Regulatory Improvements Research Group was formed last June to initially improve laws and regulations related to blockchain technology, such as personal privacy, smart contracts, electronic documents and digital signatures, and the use of distributed computing systems.
This year, the research team will focus on five institutional scenarios for large-scale use of blockchain: logistics, public services, healthcare, finance and energy.
According to reports, Seoul, the capital of South Korea, will add blockchain technology to the citizen card. The technology is said to allow cardholders to easily verify identity and access management services.
Seoul Mayor Park Won-soon said Seoul is ready to implement other blockchain administrations such as mobile electronic voting. In addition, the Seoul government has indicated that it will allocate $1 billion to fund blockchain technology and financial technology startups in the next three years.
As Cointelegraph reports, many countries around the world, including New Zealand, Germany, Australia and the United Arab Emirates, have begun planning to deploy blockchain economic development strategies in their own economies.
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