This just in: South Korea is set to undergo a huge crypto revolution. Park Won-soon, the mayor of Seoul, recently announced a five-year plan to develop the South Korean capital into a smart city powered by blockchain, while on a trip to Zurich, Switzerland.
The project’s development and implementation is said to be worth a whopping $108 million and will cover 14 public services in five diverse sectors: labor welfare, vehicle history management, certification issuance, donation management and elections voting - all of which will be secured on the Blockchain and will transact using crypto coins.
But why is South Korea is big on Blockchain and crypto, and how will the country go about integrating it within the fabric of its everyday society?
One simple word - power.
Let’s examine how South Korea will become a highly powerful global presence when its capital city is Blockchain-backed.
Transparency = power
When all aspects of a city’s operations and transactions are fully transparent, there is greater accountability for successes (and failures) and processes can be set in motion to correct and optimize areas that need improvement and protect its citizens in their time of need.
For instance, once the new Blockchain-based infrastructure is implemented, the Seoul Metropolitan Government is expected to use smart contracts secured on the Blockchain to protect part-time workers who are not otherwise protected by labor contracts or employment insurance. Knowing what workers do and need will help drive a more productive, fruitful and satisfied labor force - furthering South Korea’s positioning as a world power.
Control = power
By implementing crypto transaction channels and securing them on the Blockchain, Seoul will be restoring control and security to its city’s financial and operational exchanges. This means that malicious government and civilian activities, including but not limited to hacking and fraud, will be driven down and the city will come to be respected and relied upon for its upstanding business practices. This, of course, will lead to South Korea being viewed as a global power to be emulated - and engaged with.
Money = power
During his announcement, Park also declared that his administration is seeking to spend another 60 billion won ($53 million) on the construction of two complexes meant to house 200 Blockchain startups, by 2021, and that he intends to develop the city's Mapo district into a center for Blockchain incubation. These plans are anticipated to inject money into the South Korean economy, by simply being home to secure, crypto-based innovation, making the already affluent country, that much richer. And everyone knows, that in our day and age, money talks. Money is the real measure of power, as with it, one can acquire whatever one needs to survive and thrive.
The bottom line
South Korea is planning to turn Seoul into a smart, Blockchain and cryptocurrency-backed city. Doing so will position the country as a leading global power and presence, one with which nations around the world, as well as private citizens living in the South Korean capital, will be eager to interact, engage and transact. South Korea - more power to you!