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Korea Post to apply blockchain technology

South Korea’s national postal service Korea Post is planning to apply blockchain technology to its billing system, local news agency News1 Korea reported on 5 June.

(Source by Internet)

The initiative is a collaboration between the South Korean government and local private companies including a mayor South Korean blockchain company Coinplug and global IT company NHN.

According to the report, South Korean authorities will grant project participants 800 million won ($677,000) in order to support the initiative.

Operating under the authority of the Ministry of Science and ICT, the Korea Post will build a blockchain-powered payment method incorporated in its postal service, using the blockchain expertise of Coinplug and NHN’s payment technology.

The pilot project will reportedly launch in the city of Naju, which received the title of “Innovative City” and has attracted a number of public offices to move from Seoul.

The postal service is also considering to apply blockchain technology to overseas remittances, the report notes.

Coinplug is a South Korean blockchain company that was founded in June 2013. The company also offers cryptocurrency exchange and wallet services, as well as enterprise solutions. The company was reportedly set up by South Korean and Silicon Valley engineers, and targets the Korean and Asian market.