The Liberty Korea Party (LKP), South Korea’s second largest party has announced that they are willing to use blockchain technology in ‘’four major areas’’ according to their official statement published today which we are covering in our blockchain news below.
The conservative party LKP was previously known as the Saenuri Party and it is the largest one in the South Korean national legislature with more than 3 million members. The party hopes to enter the new digital era by implementing blockchain technology in order to make a more transparent system in which members and other citizens who are not members of the party can participate in a ‘’revolutionary way.’’
According to their press release:
“The blockchain, which is regarded as one of the key technologies of the 4th industrial revolution, is a technology that enables users to share data and guarantee mutual trust.”
The blockchain will be implemented in four areas. It will help to record the results of the central and local parties and also help to record and evaluate the performance of the members’ activities. Also, blockchain will let members have a token but this is still not elaborated thoroughly.
The third area in which blockchain will help is the voting process which will allow for a blockchain-based system that will let people vote online anonymously but still protecting their identity and security.
The South Korean government wants to use the blockchain technology to improve administrative and political transparency but also to improve the existing administrative procedures.
Even in November last year, the ministry of science and ICT of South Korea announced a plan to use blockchain to build an online voting system.
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[This] is a game changer for the global cryptocurrency market as it propels cryptocurrencies towards truly becoming a global currency. It creates real-life use cases for cryptocurrencies as crypto holders can now spend their cryptocurrencies to purchase goods and services in addition to their investment functions.Even the CEO and founder of Twitter Jack Dorsey recently declared that the cryptocurrency still has a long way to establish itself as the best payment option. the Square chief also believes that bitcoin will eventually become the native cryptocurrency of the internet as we previously read in the latest cryptocurrency news. The platforms such as Alchemy will face some major competition in the markets such as China because they already have a robust electronic payment ecosystem.
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“Now is the time for any organization that wants to help shape the role of blockchain and the DLT technology at play in their business and their industry to get involved. Bitcoin made blockchain mainstream and brought the hype to the field. Now the hype is passing, and we are observing how enterprises are looking at real life solutions using blockchain.”However, it is important to note that the adoption is harder than expected. The drop in this rate could simply be the effect of a delayed corporate response to the hype seen before.
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