The Silicon Valley in South Korea has not stopped making the world understand how valuable blockchain technology can be.
Very soon, the inhabitants of Seongnam City in South Korea will have another means of paying with a blockchain system. The upcoming method is through the use digital gift certificates.
According to South Korea’s daily newspaper called Kyunghyang Shinmun, the Chak mobile app will power Blockchain infrastructure in Seongnam City. The Korea Minting and Security Printing Corporation (KOMSCO) has been saddled with the responsibility of making sure the app comes to existence. With the app, both the middle aged and the old will easily key into the blockchain dream that Seognam City has. Moreover, it is a provision to the need of contactless payment which was brought by the emergence of COVID-19.
According to local news agencies, the digital certificates will come in three forms. One will be for cash, another for check cards and the third for mobile cards. Already, 45,000 card merchants are being stationed in various parts of the cities to ensure the usage of these digital gift certificates.
Seognam also shows its support for blockchain technology by housing some of the most famous tech companies in the country. At the Pangyo Tech Valley, some of the companies that have formed their headquarters there include Kakao Group, AhnLabs, SK Telecom, and Nexon.
The Chak app project is just another achievement to be recorded in the city. Already, some blockchain and stablecoin projects have been successfully implemented in the city this year.
On a broader assessment, South Korea’s acceptance of blockchain is encouraging. Hopefully, toll fees will be paid with blockchain soon if the agreement reached between HEB Hana Bank and the Korea Expressway Corporation yields fruits.