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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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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