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A city in South Korea is expanding its blockchain-based payment program

Seongnam, is a large satellite city of South Korea is preparing to expand its existing payment program based on blockchain technology by issuing new digital gift certificates.

According to Kyunghyang Shinmun the city’s blockchain infrastructure It will be based on a mobile application called the Chak App. The application is developed by Korea Minting and Security Printing Corporation (KOMSCO). The Seongnam project hopes to ease that the residents of the third and middle ages are using the blockchain technology available in the city. They also hope to strengthen the use of contactless payments during the COVID-19 pandemic.

Local media said that There are three types of digital gift certificates that can be used, which represent cash, check cards, and mobile cards. at 45,000 card dealers across the city.

A city in South Korea is expanding its blockchain-based payment program
A city in South Korea is expanding its blockchain-based payment program

Seongnam is known for its Pangyo Tech Valley, an IT complex that serves as the headquarters for many of the country’s tech giants, How Kakao Group, SK Telecom, AhnLabs, Nexon, among other.

The operator behind the Seongnam project It previously praised the record profits of its stablecoin and blockchain projects in 2020.

KEB Hana Bank, One of the largest commercial banks in South Korea signed a contract with the state-sponsored highway operator on August 9th. Korea Expressway Corporation to implement blockchain technology toll payments on the country’s roads.

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