The province of Gyeonggi-do has made purpose of a voting organisation based on blockchain engineering scientific discipline to assemble a vote on community projects past times its residents. The voting completed successfully, amongst 9000 residents placing their votes both online together with offline.
Gyeonggi-do, which is notably the close populated province inwards South Korea, made purpose of a blockchain platform developed Korean Fintech startup Blocko for the voting process. Local residents took the chance to vote for community projects that would run into funds awarded past times the provincial authorities every bit a business office of the ‘Ddabok Community Support Project.’
The notable together with successful blockchain implementation is amid the earliest past times a authorities anywhere inwards the world. Tellingly, the close prominent authorities official of the province sang its praises.
Gyeonggi-do Province Nam Kyung-pil stated:
Blockchains volition alter the basis inside a few years only every bit smart-phones did. We tin complement the limits of instance commonwealth amongst or together with hence straight commonwealth systems past times using blockchains, the engineering scientific discipline of the Fourth Industrial Revolution.
The online voting system, supported past times Blocko, made purpose of smart contracts tech to facilitate the voting process. Blocko claims that the technology, developed in-house, helped register a plethora of information including voters’ information, voting contents together with to a greater extent than inwards a complicated voting procedure – without remove for oversight or administration past times a primal authorization – on a blockchain.
In its announcement, the Korean blockchain developer farther claimed that the voting procedure was the foremost application of blockchain engineering scientific discipline on such a scale inwards the country. Unlike traditional voting systems where the voting procedure from the starting fourth dimension to the halt is nether the administration of a primal agency, a blockchain-based vote would run into information together with results stored on an immutable blockchain that is tamper-resistant.
The success of the blockchain-based vote has already led to involvement inwards the solution from other parties.
“Numerous institutions accept contacted us to adopt a blockchain-based voting organisation afterwards voting inwards Gyeonggi-do,” said Won-Beom Kim, principal executive at Blocko. “By using blockchain engineering scientific discipline inwards online voting, nosotros tin salve expenses required to hold a primal administration means together with fourth dimension to collect vote results.”
Meanwhile, Blockco’s ‘Coinstack’ a blockchain-as-a-service (BaaS) middleware platform has already been adopted past times the Korea Exchange to enable startups to merchandise equity shares on the opened upwards market, terminal November. The next month, Coinstack received the province accreditation of a ‘First Class Gold Software (GS) Certificate’. The recognition was the first of its kind for a blockchain software solution inwards South Korea. The benefits of the certificate could hateful wider adoption of blockchain-based applications inwards Blue Planet sector. Featured image from Blocko.
