Busan Government and Bank Announce Blockchain-based Citizen Platform Project

03/06/2023 03:49 • Blockchain Briefs • 86 views

On March 6, the government of Busan, South Korea, announced that it would sign a business agreement with Busan Bank this afternoon to promote the pilot project of establishing and operating a blockchain-based integrated citizen platform. The integrated citizen platform construction project is a digital operation system based on the blockchain and providing comprehensive services such as application, receipt and use of various project-related subsidies promoted by Busan. Busan Bank will invest 3 billion won (about 2320000 US dollars) to establish and operate the platform in the next two years. (Yonhap)

Busan Municipal Government of South Korea will cooperate with Busan Bank to establish a one-stop subsidy comprehensive service based on blockchain

Analysis based on this information:

The government of Busan in South Korea has announced the signing of a business agreement with Busan Bank for a pilot project focused on developing and operating a blockchain-based integrated citizen platform. The platform’s construction will serve as a digital operation system based on the blockchain, providing comprehensive services such as application, receipt and use of various project-related subsidies promoted by Busan. The announcement represents a significant move towards more efficient, innovative, and secure government services.

The pilot project will be run using Busan Bank’s investment of approximately 3 billion won, roughly equivalent to 2.32 million US dollars. The funding will be used to establish and operate the platform over the next two years. The integration of blockchain technology into Busan’s public services represents a trend in government services aimed towards creating more convenient and connected experiences for citizens.

By utilizing blockchain, Busan’s goal is to offer greater transparency, security, and accountability within the application and subsidy award processes. Blockchain technology is a distributed ledger system that enables secure tracking of transactions and validations on multiple nodes without the need for a centralized entity to ensure security. This provides a more efficient and cost-effective system for governments to manage transactions while providing citizens with more secure and transparent governance.

The potential success of Busan’s blockchain-based integrated citizen platform could lead to its replication on a national scale, further enhancing other services within the country. The incorporation of blockchain technology into Busan’s public services holds great promise for the future of e-government, especially in countries with high adoption rates of technology.

In conclusion, Busan’s move to implement a blockchain-based integrated citizen platform represents a significant step in the direction of a more efficient, innovative and secure government service. The project’s success, with Busan Bank’s financial backing, could open up even more possibilities, and we can expect more such initiatives to emerge soon.

This article and pictures are from the Internet and do not represent aiwaka's position. If you infringe, please contact us to delete:https://www.aiwaka.com/2023/03/06/busan-government-and-bank-announce-blockchain-based-citizen-platform-project/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.