The City of Seoul Will Create a Cryptocurrency for Citizen Rewards

The Seoul Metropolitan Government will establish its first blockchain-based administrative services in November.

AccessTimeIconAug 6, 2019 at 7:00 p.m. UTC
Updated Aug 18, 2021 at 12:46 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

The Seoul Metropolitan Government will establish its first blockchain-based administrative services in November, according to a report in the Korean-language blockinpress.

At a conference held last month and attended by city officials and representatives of the private sector, specifics of the roll out were discussed, with timelines and goals established. The meeting seemed to revive an initiative that had lost some momentum since first being announced late last year.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • coindesk-btc-chart-2019-08-06-2

    Three priorities were set for completion by the November deadline. The city's blockchain points system will be introduced and residents of Seoul will receive S-coins for the use of public services. They will be able to redeem those points for rewards. Services that generate the coins include paying taxes and participating in public opinion polls.

    Seoul's point system will integrated with ZeroPay, a city-government sponsored QR-code-enabled network established last December. It allows customers to pay for goods and services using their phones and does not charge merchants commissions.

    In addition to the S-coin, a blockchain service for submitting qualifications without paper documents is also on the list for completion by November, as is the enhancing of the Seoul Citizens Card with blockchain to enable digital authentication for the use of public services.

    By the end of the year Seoul would like to have its part-time workers rights program up and running. The blockchain-based system will allow part-time and temporary employees to sign simple contracts with employers, keep track of their work histories, and maintain time sheets. It will also help them properly register for the county's four major social insurance programs. The aim is to improve trust and relations between small companies and part-time workers.

    Other programs mentioned but not with year-end completion deadlines include smart healthcare, donation management and online certificate verification.

    While the blockchain services will be controlled by the city, they will be operated by private enterprises.

    Seoul has been discussing the implementation of a blockchain strategy for some time. Mayor Park Won-soon has campaigned on a promise to implement relevant solutions for the city, and the Blockchain City Seoul Promotion Plan was announced last October.

    When it was introduced, 14 blockchain administrative projects and a 2022 completion date were mentioned. A total of 127.3 billion won ($105 million) was to be committed to the plan.

    Since then, very little has happened in terms of actual progress. The July meeting was the first tangible sign that anything material is in the works.

    Image via Shutterstock.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.