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Korea KT and Gimpo City to issue local currency using block chains

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We announced that the Korean telecommunications operator KT will sign a business agreement with Gimpo City and issue regional currency utilizing block chains.

We will build the platform by the end of the year and will be used at franchise stores in Gimpo City from next year.

The platform that Gimpo City introduces can issue regional currencies that match the application with its own Smart Contract, and transactions are verified on the block chain, so local governments can operate with high transparency.

As a way to use the local currency, there is planned a QR code of the smartphone application and a chargeable prepaid card for elderly people who are not familiar with smartphones.

Also, unlike regional currencies that are distributed in the form of gift certificates, it is expected that the regional economy will be revitalized as it can be exchanged for cash.

For example, if an item is purchased in the local currency , the seller can have cash deposited in the bank account instead of the local currency.

The company plans to issue regional currencies with more than 160 local governments in the future, and plans to utilize the block chain not only for settlement but also for administrative services such as electronic voting.

Article Source: KT 블계 체인 기술 로 ’19 년 100 억원 규모 지ซ 화폐 정금

Author: NT 【Coin Desk News】 – Source Post: https://crypto-times.jp/korean-kt-blockchain-2/

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