Top South Korean Political Party Embrace Blockchain Technology

Wilfred Michael 

Wilfred Michael

News reporter

04 February 2019,
10:36
Top South Korean Political Party Embrace Blockchain Technology

Within the last decade, no technology has arguably caught the eye as much blockchain, and now members of the South Korean conservative political party wants a bite.

According to a video press release on January 31 by the Liberty Korea Party (LKP), members have agreed to embrace blockchain technology as a way to achieve digital democracy.

The LKP hopes that innovating party processes with the innovative technology will allow its over three million members to more actively participate in decision making while also ensuring that information is transparent.

After identifying blockchain as “one of the key technologies of the fourth industrial revolution,” the release identified five core areas where it will soon play a part within the party:

  • Storing results and conclusions reached during local and central party assemblies.

  • Storing and evaluating the performance of party members using key performance indicators predefined on the blockchain.

  • A blockchain-based voting system that would allow members anonymously participate in party elections while also making sure that the results released during elections are authentic.

  • A petition system that would store comments made by party members, so it can easily be found when needed.

  • A new token for party members who sign up to the blockchain system, although the release did not give away details on how the LKP intends to achieve this result.

Despite the positive stance that public offices in South Korea show toward blockchain technology, authorities in the country have not officially permitted initial coin offerings (ICOs) or mainstream use of cryptocurrencies like Bitcoin.

For instance, while the nation's Ministry of Strategy and Finance introduced a tax break for blockchain companies, the Financial Services Commission (FSC) said in a January 30 report that it would not reverse the blanket ban that it placed on the ICOs since 2017.

Hopefully, in the future, South Korean authorities will reach a compromise that allows the nation to become fully active in both the crypto and blockchain industry.

 

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