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South Korea Successfully Implements Blockchain-based Smart contract to Resident Vote [2017.03.07]

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Gyeonggi-do, a populous province of South Korea, adopted a blockchain-based voting system developed by Blocko Inc., a blockchain startup, in a vote for local community projects proposed by residents. The successfully completed voting included about nine thousand residents who took votes on and off-line.

 

Blockchain is a technology underpins distributed ledger, which makes it harder to falsify or manipulate online transaction data in the financial services area. The adoption of this technology by financial institutions and various industries is the proof of the credibility of the technology. The online voting system adopted in the vote for the “Ddabok Community Support Project” includes Smart Contract, which is one of powerful features in blockchain technologies. This case is highly meaningful in that it was the first in Korea to apply such technology. 

 

Using conventional voting systems, vote results are only credible when the whole voting process is under control of a central management agency. Also, an online voting system can only be realized with perfect technical security and stability.  

 

The blockchain-based electronic voting system that was adopted in Gyeonggi-do applied the Smart Contract technology developed by Blocko. Using this technology, all the information needed for voting such as voters, voting contents and hours along with complicated voting process can be registered in a blockchain, which allows highly credible online voting without the engagement of a central management agency.

 

The governor of Gyeonggi-do Province Nam Kyung-pil said publicly, “Blockchains will change the world within a few years just as smart-phones did,” and added, “We can complement the limits of representative democracy with some direct democracy systems by using blockchains, the technology of the Fourth Industrial Revolution.”

  

“Numerous institutions have contacted us to adopt a blockchain-based voting system after the voting in Gyeonggi-do,” Won-Beom Kim, CEO of Blocko, said. “By using a blockchain technology in online voting, we can save expenses required to maintain a central management agency and time to collect vote results.” He added that high levels of credibility and security would be gained because vote results and voting process data stored in blockchains are immune to cyber-physical hacking and counterfeiting.   

 

Coinstack, Blocko’s blockchain development platform, is the first to achieve Good Software certification mark as a blockchain technology. This platform has been provided for major organizations and companies including KRX Startup Market, Lotte Card, JB Bank and Samsung Card. Blocko is a startup leading the Korean blockchain industry with its the first Smart Contract engine in the country.

 

Click here for the full article [Local Government in South Korea Taps Blockchain for Community Vote - Coindesk]

Click here for the full article [South Korean Province Uses Blockchain for Voting - COINJOURNAL]

 

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