The South Korean Ministry of Science and ICT goes to run a follow-up research on blockchain laws, in response to a Yonhap Information report on Might 21.
The research is named the “Blockchain Regulation Enchancment Research Group” and is a part of an initiative run by the federal government’s science and tech arm to determine how laws may very well be improved in order that blockchain tech may obtain widespread institutional adoption.
The Blockchain Regulation Enchancment Research Group was launched in June of final yr, and initially targeted on bettering authorized laws pertaining to blockchain tech equivalent to private privateness, good contracts, digital paperwork and digital signatures, and the appliance of distributed computing techniques.
This yr’s analysis group will give attention to 5 institutional areas the place blockchain tech can obtain widespread adoption: logistics and distribution, public companies, healthcare, finance and power.
Seoul, the capital of South Korea, will reportedly add blockchain know-how to its citizen playing cards. This tech will purportedly enable the cardboard holders to simply confirm their id and entry administrative companies.
Seoul Mayor Park Gained-soon remarked that Seoul has additionally already applied different blockchain-based administrative companies, equivalent to cell e-voting. Furthermore, the federal government of Seoul has acknowledged that it has earmarked over $1 billion to fund blockchain and fintech startups over the subsequent three years.
As beforehand reported by Cointelegraph, governments in international locations world wide are planning or implementing blockchain methods for financial improvement, together with New Zealand, Germany, Australia, and the United Arab Emirates (UAE).