South Korean Government Integrates 'First Public Blockchain Platform'

On June 10, the South Korean government integrated blockchain into the public sector.

LG CNS and Korean Government Mint, KOMSCO, will work together to develop the "First public blockchain platform" and issue community tokens as a type of digital gift certificate.

KOMSCO plans to utilize LG CNS' Monachain platform - a blockchain specializing in digital supply chain management, currency, and authentication - for the issuance of community tokens and digital authentication services to the public.

"Digital community currencies provide functions to create digital wallets and issue digital gift certificates to personal mobile devices based on digital certification The service is optimized for local governments' issuing local currencies and giving welfare benefits."

By choosing the Monachain platform, KOMSCO is able to distribute a variety of digital gift certificates directly to digital wallets in users' mobile devices without building additional platforms.

The "Local currency service" can be used to deliver and receive frictionless payments for welfare and government fines through an interconnected, anchored public distributed ledger platform.

The Monachain to public sector integration offers additional solutions to identity verification, document certification, and data storage in a national landscape.

"'Digital authentication service' allows users to authenticate their identity through biometrics alone, including personal identification number or fingerprint on mobile devices.

LG CNS and KOMSCO plan to release their joint blockchain platform using LG CNS' G-Cloud to offer universal access to public institutions, universities, and local governments to apply customized services for blockchain-based data storage, digital authentication, and digital currency distribution.

The formal announcement reveals that LG CNS and KOMSCO will engage in a formal contract by the end of June 2018 and begin development of the public blockchain platform for public use.