In recent years, there has been an increasing number of regional currency activation cases. Local currency refers to its own form of currency that is circulated only within a specific administrative area.
The purpose of introducing the local currency is to prevent the regional capital outflows and to help the small businessmen by promoting the circulation of funds in the region.
It features discounts and points accumulation benefits when purchasing items in the area with local currency.
Hadong-gun, a county in South Gyeongsang Province, announced to build an electronic-type local currency platform in cooperation with KT by the end of the year. In fact, it plans to issue 'Hadong Pay', which can be used in local tourist sites and traditional markets from the next year. Hadong-gun and KT have previously signed the Memorandum of Understanding for the issuance and operation of 'Hadongsarang e-gift (Hadong Pay)'.
Kimpo City also has plans to issue electronic money in the first half of next year. Local currency can be used like cash at local currency member stores in the City through a prepared platform. It is also introduced to dividends for young people, post-partum care expenses, public employees’ welfare point and etc. Local currencies are available with in-app QR codes and rechargeable prepaid cards.
'Shiru', Siheung City's own currency, has already surpassed 1 billion Korean Won in cumulative sales. In particular, there are 4,162 stores that people can use Shiru. Siheung City plans to launch a mobile local currency (mobile shiru) from next year after a test run of paper money and to expand the circulation to 20 billion Korean Won.
According to the blockchain industry, there are 65 municipalities struggling to introduce its local currency. The size of the issue is also soaring to a maximum KRW 10 Bil. As a result, the operating scale of local currencies is expected to expand gradually.
As many local currencies introduced, the public interests are also expanding. However, there are also problems with domestic blockchain technology for local currency activation. That's the problem of making free smart contracts technology and network stability.
In order to use a cryptocurrency as a local currency, it is necessary for a municipality and a small business person to directly set a place, period, age and area to use. The smart contract is the technology that makes this possible. However, Smart Contract is a technology that only professional programmers can handle. In other words, it is difficult to use it properly if there is no professional person residing in. Therefore, the smart contract problems must be solved to popularize local currencies,
The Berith Platform, a blockchain-based business platform, focuses on solutions to these problems. Berith has overcome the limitations of existing blockchains and presented a more convenient and simpler smart contract 'business rule'. One of the patented independent technologies allows users to easily issue a cryptocurrency and set complex conditions easily.
Berith's business rules allow to easily manage institutions and governments’ budgets, and brand vouchers, as well as use them in a variety of ways. For example, if a youth organization grants support funds to a local youth, the grant can be set not to be available for others who are not the youth. Such subsidies can be enforced for use only in education or self-development. This permission setting is done with just a few simple clicks.
Berith Platform has built its own blockchain main-net for the first time in Korea and introduced a hybrid blockchain technology that combines private and public blockchains. This is characterized by excellent stability and convenience. In addition, it provides easy management and operation service through a GUI management tool for an automatic installation and a monitoring tool of the platform, and also provides its own cryptocurrency wallet service with a triple security system. This makes it safe to keep the other main tokens as well as Berith Platform based cryptocurrency.
[Source] 활성화되는 지역화폐, 안정성 강화하기 위한 베리드의 제안
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