Seoul to Launch their own Cryptocurrency the S-Coin in 2020

China has made headlines in the cryptocurrency industry with the news they are planning to launch their own cryptocurrency in 2020. The mayor of Seoul announced back in 2018 that he wanted to launch the S-Coin for Seoul’s public services such as transportation. It looks that this could become a reality in 2020. The S-Coin will be programmed by the Korean government with the help of Samsung SDS and ICONLOOP.

How will the S-Coin in Seoul work?

Residents livings in Seoul will get S-Coins by doing municipal services. These municipals’ services include participating in public polls and paying their taxes. In addition, the S-Coin could be used as a youth allowance in Seoul. The S-Coin can be redeemed at convenience stores all across Seoul. In addition, the S-Coin will be integrated with ZeroPay (Seoul’s sponsored QR-code-enabled network). It allows residents in Seoul to pay for their goods and services using their smartphones. So far 14 public services will be the first organizations and programs to use S-Coin. These include document administration, labor welfare, and vehicle registration just to name a few.

S-Coin Seoul Mayor“As Seoul is the world’s leading city in the field of information and communications, including the 4th Industrial Revolution, I think we should study new technologies such as Blockchains.” said the Mayor of Seoul, Park Won-soon.

The Seoul government expects that the S-Coin will be a crucial first step in making Seoul into Asia’s first smart city. The Korean president, Moon Jae-in, is supportive of Blockchain technologies for Korea. He wants to create real use cases such as Seoul’s S-Coin to greatly contribute to the revitalization of Korea’s economy.

ICONLOOP and Seoul to Build New Blockchain Services

ICONLOOP and SEOULICONLOOP will work with Seoul to develop a Seoul Citizens Card that will offer digital authentication for the use of public services. In addition, they will work together to create an easier way for temporary employees to sign contracts with their employers. The Blockchain-based system will keep track of their work history, timesheets, and help them register for insurance programs in Korea. Furthermore, they will look into donation management, healthcare management, and online certificate verification in the future.

Blockchain in Seoul

The launch of S-Coin will only be the start of incorporating Blockchain technologies in the city. Seoul already has partnered with Samsung SDS. Eventually, they will work together to use the S-Coin as a payment method for Seoul’s welfare programs. The end goal is to allow residents in Seoul to vote online and challenge parking tickets from the comfort of their homes. Blockchain technology can make it easier for residents in Seoul to fill out online applications by storing their personal data such as name, date of birth, bank accounts, etc, on the Blockchain. Seoul is also developing an identity document for use within the National Blockchain system. This will allow for Blockchain startups in Korea to have an infrastructure in place to allow for innovation and growth.