Seongnam, major satellite city turns to Blockchain-powered Pay

August 11, 2020

South Korean resistance

South Korean’s Silicon Valley, Seongnam, major satellite city, near the capital Seoul, is all set to expand its blockchain-powered payment program with a digital certificate issuance project. The new point will use an app “Chak” and will be developed by KOMSCO or Korea Minting and Security Printing Corporation, which is the scores operator of local stablecoin and blockchain-powered digital gift token tasks nationwide.

The firm later said that blockchain projects and stablecoin have helped them achieve record-breaking operating surplus this year. Undoubtedly, Seongnam is one of the largest tech cities in Gyeonggi Province, where three major stablecoins are becoming prominent. The government of Province has spoken out the possibility of enhancing the stable coin initiatives during the Covid-19 pandemic, and even regarding global basic income projects that use local stable coins.

Though the newest project uses blockchain technology, it is not a token, per se. per Kyunghyang Shinmun, the Seongnam authorities said that the digital gift certificated will be done with the Chak app, but they will function without any QR codes, but using the existing debit and credit card reader technology. Further, the authorities said that this will make the process easy for middle-aged and elderly people to use and interpret. The residents will get an issued PIN that will be needed to enter in order to process a payment.

Source: Google

Also, the authorities stated that more than 45,000 merchants in Seongnam will be able to receive gift certificates, and claimed that the young residents preferred digital payment system instead of paper-based methods. Besides this, over 13, 837 merchants based in Seongnam will be able to receive mobile payments with the certificates, further added by the authorities.

The city has more than 1 million residents, and it is the home of the Pangyo Tech Valley, and IT complex built to face America’s Silicon Valley.

Image Courtesy : Pixabay

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