Park Won-soon, the mayor of Seoul, has participated in the ongoing event “Korea Future Forum (KFF) 2019 & Blockchain Tech Show,” reporting on the city’s achievements in embracing major technologies including blockchain and artificial intelligence.
The mayor highlighted the role of blockchain in storing data, noting that the value of data “has become even more important than before.” According to Park, the city of Seoul will implement blockchain in collecting urban and administrative data to enable new services such as integrated authentication system of citizen cards, as well as tools for easy access to various administrative services.
Park emphasized that Seoul authorities have already provided blockchain-enabled administrative services, including mobile e-voting and car sales.
Park has expressed confidence about blockchain technology in the past. In late 2018, the mayor introduced a five-year plan for developing the blockchain industry in Seoul, with the city government planning to invest around $12 million into a $88 million blockchain fund.
In February 2019, the Seoul Metropolitan Government announced an initiative to invest over $1 billion in blockchain and fintech startups by 2022.
Recently, South Korea’s financial regulator, the Financial Services Commission, authorized nine fintech companies to operate in the country as part of a regulatory sandbox.