Local Government in South Korea Taps Blockchain for Community Vote

A South Korean provincial government recently tapped technology developed by blockchain startup Blocko for a vote on community funding.

AccessTimeIconMar 7, 2017 at 5:20 p.m. UTC
Updated Aug 18, 2021 at 5:53 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

A South Korean provincial government recently tapped technology developed by blockchain startup Blocko for a vote on community funding.

The province of Gyeonggi-do – South Korea's most populous – utilized Blocko's Coinstack platform to vote on community aid projects as part of the Ddabok program. Through that program, local residents can propose ideas for aid, after which the provincial government can opt to award budgets to fund those projects.

  • 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
  • Yet in the past, that process has largely been conducted behind closed doors by officials in Gyeonggi-do, as the scale of holding a vote using traditional means has proved to be an onerous one.

    But in partnering with Blocko, Gyeonggi-do officials held a vote earlier this month as part of an effort to seek alternative methods for approving projects Residents submitted 9,000 votes, in both online and offline settings, resulting in the selection of more than 500 community aid projects.

    As Blocko CEO Won Beom Kim explained:

    "We used blockchain and Lua based smart-contracts on our blockchain platform (and) Coinstack to create a dynamic voting process to solve this problem. In this process, offline voters, online voters, and professional representatives all contributed to a fair and deterministic result which resulted in the selection of 527 community projects."

    In statements, officials from the provincial government celebrated the tech's use for the community vote and indicated that blockchain could be leveraged as part of votes in the future.

    "We can complement the limits of representative democracy with some direct democracy systems by using blockchains, the technology of the Fourth Industrial Revolution," said Nam Kyung-pil, Gyeonggi-do's governor.

    The community vote isn't the first time that authorities in South Korea have tapped Blocko's tech.

    The Korea Exchange (KRX), South Korea's sole security exchange operator, hired Blocko to develop a smart contract for authenticating and verifying documents by cross-referencing current bank databases in the country. That private service was first launched last November.

    Image courtesy of Blocko

    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    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.