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A City in South Korea is Expanding Its Blockchain Payment Program

A City in South Korea is Expanding Its Blockchain Payment Program

A significant satellite tv for pc metropolis in South Korea, Seongnam, is making ready to broaden its present blockchain-powered cost program by issuing new digital reward certificates.

In accordance with Kyunghyang Shinmun, town’s Blockchain infrastructure will depend on a cell app named Chak app. This app can be constructed by the Korea Minting and Safety Printing Company, or KOMSCO. Seongnam’s venture hopes to make it simpler for aged and middle-aged residents to make the most of town’s present Blockchain expertise. Additionally they hope to strengthen using contactless funds in the course of the COVID-19 pandemic.

Native media retailers mentioned that three digital reward certificates varieties – representing money, verify playing cards, and cell playing cards – can be utilized at 45,000 card service provider places throughout town. 

Seongnam is well-known for its Pangyo Tech Valley — an IT advanced that serves because the headquarters for lots of the nation’s tech giants, corresponding to Kakao Group, SK Telecom, AhnLabs, Nexon, amongst others.

The operator behind Seongnam’s venture beforehand praised the file breaking income introduced in by its stablecoin and blockchain tasks in 2020.

KEB Hana Financial institution, one of many greatest business banks in South Korea, reached an settlement on August 9 with the state-backed freeway operator, the Korea Expressway Company, to carry blockchain-based toll funds to the nation’s highways.

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