South Korean Metropolis of Seongnam to Broaden Blockchain based mostly Contactless Funds Platform by Introducing Digital Reward Certificates

The South Korean metropolis of Seongnam is reportedly planning to increase its blockchain or distributed ledger tech (DLT)-enabled fee platform by introducing digital reward certificates.

The town’s DLT based mostly funds platform will probably be accessible through a cell app, known as Chak. The app has been developed by the Korea Minting and Safety Printing Corp. (KOMSCO).

The blockchain-powered funds app ought to make it simpler for the town’s residents to conduct contactless funds, which have turn out to be important as a result of COVID-19 outbreak.

Three digital reward certificates sorts, which can symbolize money, examine playing cards, or cell playing cards, could now be used at 45,000 card service provider areas throughout the South Korean metropolis.

Seongnam is a satellite tv for pc metropolis of Seoul and notably the second-largest metropolis in South Korea’s Gyeonggi Province after Suwon. It’s the nation’s 10th largest metropolis and has a inhabitants of round 1 million.

Seongnam is well-known within the nation and globally for its Pangyo Tech Valley which is an IT complicated that’s house to the nation’s main know-how corporations, together with Kakao Group, SK Telecom, AhnLabs, Nexon, amongst many others.

KEB Hana Financial institution, one in every of South Korea’s largest industrial banks, just lately revealed that it could be working with the state-supported freeway operator, the Korea Expressway Company, to assist DLT-powered toll funds.

CenterPrime, a non-public Hyperledger based mostly blockchain platform with entry to the South Korean Open Banking API, is now sharing international alternate (FX) fee information from massive Korean banks to Chainlink’s decentralized oracle community.

Final month, South Korean blockchain challenge ICONLOOP acquired $5 million in further investments, after receiving capital from the $100 million Ok-Progress Fintech Innovation Fund.

In June 2020, AhnLab, a number one South Korean software program safety agency and a number of other others joined MyIDAlliance, a corporation establishing a blockchain based mostly digital ID ecosystem.

In Could 2020, South Korea’s Suseong College established a DLT and synthetic intelligence (AI) coaching heart.