Coinplug will participate in the Busan Regulation-Free Blockchain Special Zone
On July 24th, the city of Busan was selected as a Regulation-Free Blockchain Special Zone by the Korean government as part of its initiative to minimize the pressure to incubate new businesses and push innovation in the country.
In relation to this initiative the South Korean president, Moon Jae-In, stressed:
“While regulatory innovation in the era of industrialization was a matter of choice, it is now a question of survival as we are experiencing the fourth industrial revolution, characterized by fusions across industries and fields.”
Tourism, finance, logistics and public safety are the four areas selected for this project and each of them will have a different company in charge. The Busan Bank will take on the financial area, Hyundai Pay will work on the tourist sector, BP&Solution will work on a fishery logistics platform and Coinplug, our technical partner, will develop a platform to help Busan citizens to increase public safety. For Coinplug in particular, the project will be divided in two stages.
The first stage of Coinplug’s involvement consists in the development of an app for people to submit traffic or natural disasters reports in the form of videos. The submitted videos will be shared with the correspondent authorities with geolocation information, allowing them to have a faster reaction to the events. It’s important to note that only the geolocation information at the time the video was recorded will be shared. No other sort of data will be accessed, giving complete anonymity and data protection to the users.
In order to promote the use of this app among the Busan population, a rewards system will be put in place where users will be rewarded with a local digital voucher that can be used in different services.
The second stage of this project will involve a data trading platform where all kinds of information can be encrypted and de-identified to be kept safe. This platform will allow the safe sharing of the information managed in the four areas previously mentioned (finance, tourism, logistics and public safety).
Existing ID login systems suffer from a high risk of data exposure. In order to assure users’ data protection and transparency of the rewards system the Meta ID solution will be implemented. As many of you, dear metadians know, Meta ID is a blockchain-based identity authentication solution that will guarantee the informant’s anonymity.
In relation to the Coinplug-Busan partnership Ryan Uhr, Coinplug’s CEO, commented:
“We are happy to be part of this new stage in Busan’s development. By leveraging Coinplug’s years of experience and Metadium’s technology, we are confident in bringing innovation not only to Busan but to the whole country ”
Busan is already working in becoming a smart city so adding the blockchain technology will put it ahead in the innovation race. This project is expected to be concluded in two years.