S-Coin to be Unveiled Soon
S-Coin to be Unveiled Soon
Mayor Park Won-soon says, “Seoul Metropolitan Government’s Blockchain Master Plan will be announced within the year.”
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  • 승인 2018.08.24 09:49
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Seoul Mayor Park Won-soon delivers congratulatory remarks during the “Blockfesta Networking Dinner,” held on August 22nd at the InterContinental Hotel, Bongeunsa-ro, Seoul.[Photo=DailyToken]
Seoul Mayor Park Won-soon delivers congratulatory remarks during the “Blockfesta Networking Dinner,” held on August 22nd at the InterContinental Hotel, Bongeunsa-ro, Seoul.[Photo=DailyToken]

Seoul’s “Blockchain Master Plan (Basic Plan)” is expected to be unveiled soon, revealing specifics. At the heart of the plan lies “S-Coin.”

“Seoul is currently running some pilot projects that leverage blockchain technology, and a comprehensive blockchain master plan will be shared at the end of the year,” said Seoul Mayor Park Won-soon in his congratulatory speech during the “Blockfesta Networking Dinner,” which was held on August 22nd at the InterContinental Hotel, Bongeunsa-ro, Seoul.

This is the first time that the Mayor shared the launch time of the “Seoul Metropolitan Government’s Blockchain Master Plan” during his official visit to an event on blockchain and cryptocurrency.

The plan will also include measures to realize S-Coin, which was initially introduced as a form of local currency by the Mayor during the June local elections.

“Today, discussions were held in the City Hall with Members of the European Parliament to come up with ways to cooperate in the field of blockchain,” he said, adding “We are still pondering on S-Coin (which will be included in the Master Plan this year).”

While campaigning for local elections (held on June 13th), seeking a third term in office, Mayor Park expressed his commitment to issuing S-Coin that Seoulites could use as a form of local currency.

Some industry insiders view that S-Coin would be operated in a similar manner to “Nowon (NW),” a blockchain based local currency adopted early this year by the Nowon District Office. 

Currently, some 250 businesses in the Nowon District accept “NW.” Nowon District residents can earn NW by engaging in local volunteer work or donations, and use the currency (1 NW = 1 KRW) via smartphone Easy Payment Services. 

Meantime, as the second-mover in the field of local currency, Seoul City is speeding up the implementation of its blockchain based administrative services. Ongoing pilot projects on applying blockchain to public services include the used vehicle sales project and the online policy voting system (mVoting). 

Pre-authentication projects related to smart contracts (automated contract execution enabled by blockchain) are also underway, including the blockchain authentication technology applied “Seoul Citizen Card” and the “Automated Sub-Contractor Payment System” for micro-businesses.
 

Translated by Cha Soo-jin

 



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