Central Bank of South Korea is exploring Blockchain Technology for Micropayments

South Korea’s Central Bank is moving towards distributed ledger technology with the intention of developing a blockchain-based micropayment settlement infrastructure

The Bank of Korea — also known as BOK has just announced that the Central Bank is conducting extensive research and testing, as part of an initiative to utilize Blockchain technology to help the national bank facilitate micro-payments.

It has been confirmed on 30th October that Blocko will be spearheading the latest development of the Central Bank blockchain-based micro-payment pilot program. As for now, there will be a 2 month testing phase to determine the applicability of the disruptive technology for micropayments and to ensure that security, scalability and privacy are aligned with industry standards.

South Korea central bank has partnered up with Blocko, one of the world’s leading blockchain platform provider to help financial institutions such as Credit Suisse, KBank and conglomerates such Samsung, Hyundai Motors, Microsoft and many more, to develop enterprise-ready blockchain-based solutions. Coinstack which is a blockchain-as-a-service platform for upcoming projects such as Aergo, has over 25 Million users worldwide using the proprietary platform through Blocko’s partnered companies.

Since mid-2017, there has been increasing demand for Cryptocurrencies amongst the Korean investors. It’s been an exciting year for the overall South Korean crypto space, following the release of a new regulatory framework for crypto businesses and blockchain projects — Keep in mind that previously, the government provided little legal clarity & had a more negative stance towards Cryptocurrency regulation since the inception of Bitcoin.

With the Central Bank collaborating with Blocko, and the startup focusing on providing a more open ecosystem with Aergo, South Korea is set to become a more Crypto friendly region as the result of blockchain technology expanding among enterprises, government and now — Central Banks

Central Banks around the world are experimenting with Blockchain technology, by quietly releasing details surrounding the work that is being done in the shadows. It seems as if a few Central banks are now embracing the blockchain technology to revamp their own infrastructures and government is quickly changing their tune towards digital currencies — after seeing the potential of enterprise Blockchain solutions.

Source: http://www.etnews.com/20180928000128 (Korean)

Here’s a partial list of programs deployed by Blocko:
https://blockonomi.com/south-korea-blockchain/

• Lotte Card
• Korea Exchange
• Samsung SDS/Nexledger
• Voting system in Gyeonggi-do

Adoption is catching up and many don’t know it!