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South Korea uses blockchain technology for voting

Gyeonggi-do, South Korean’s most populous province, has used a blockchain-based voting system in a vote for local community projects proposed by residents. The successfully completed voting included about 9,000 residents. It is reported by Coinjournal.

The voting system was developed by South Korean startup Blocko. It allows recording all the information needed such as the name of the voters, voting content and the time of voting on a blockchain.

ʺBlockchain will change the world within a few years just as smart-phones did. We can complement the limits of representative democracy with some direct democracy systems by using blockchains, the technology of the Fourth Industrial Revolution,ʺ Gyeonggi-do Province Nam Kyung-pil stated.

According to Won-Beom Kim, CEO of Blocko, using blockchain technology for online voting can save cost, notably expenses related to maintaining a central management agency, and time to collect vote results. In addition, this blockchain technology allows vote results and voting process data to be stored on a digital ledger that is immune to cyber-physical hacking and counterfeiting, insuring integrity as well as a high level of security. Such systems greatly increase the credibility of power, as participants can observe the voting process and seek the necessary information in an open and distributed digital registry.

Kim further indicated that numerous institutions have already contacted Blocko to adopt a blockchain-based voting system following the successful project in Gyeonggi-do.

Blocko is a leading blockchain startup in South Korea that has worked with some of the country’s biggest corporations and financial institutions including the Korea Exchange, Lotte Card, JB Bank and Samsung Card.

Forklog previously reported that the South Korean blockchain platform received a public GS certificate based on ISO standards

Source: forklog.com

  • March 9, 2017 3:25 PM MSK
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