Korea Post plans to establish blockchain payment method

According to South Korea's local news agency News1 Korea reported on June 5, South Korea Post is planning to apply blockchain technology to its billing system. The initiative is a collaboration between the Korean government and local private companies, including the cryptocurrency exchange Coinplug and the global IT company NHN. The Korean authorities will provide 800 million won ($677,000) to project participants to support the initiative. It is reported that Korea Post operates under the authority of the Ministry of Science and Information and Communication Technology and will use Coinplug's blockchain expertise and NHN's payment technology to establish a blockchain payment method in postal services.