South Korea lawmaker has reportedly proposed incorporating blockchain technology into their voting systems.
The famed tech-savvy nation of South Korea has long been one of the biggest advocates for increased blockchain technology. The country was also one of the first to welcome cryptocurrency into its sphere.
Restructure of South Korea Voting
The head of the Seocho region’s government has proposed a blockchain-powered voting system for South Korean voters.
Cho Eun-hee is a government leader for one of South Korea capital’s most affluent and important districts. He has stressed that incorporation of blockchain into the voting structures would make the process easier. The potential mechanism would further democratise the voting process by making it more accessible.
The lawmaker believes that blockchain is the future of voting processes. If adopted, this proposal would manifest as the first of its kind in the world. It would, if successful, be further adopted in South Korea and further afield. It comes as the world moves more and more to innovate and incorporate blockchain technology to further digitise their systems.
This proposal comes after the South Korean national government pledged earlier this year to invest up to $48.2 billion in blockchain technology in the country, according to Cointelegraph. President Moon Jae-in has stressed the strengthening of blockchain systems in the country would lead to an increase in jobs and productivity and thus a vital innovation for the economy. The president believes that as the fourth industrial revolution takes hold in the world, the future is certain for blockchain technology as an essential in any modern market.
Cryptolydian recently reported that South Korea had extended their cryptocurrency legislation in an effort to further protect and monitor crypto-transactions in the Asian nation. The new regulations will also further prevent money laundering and encourage an increase in tax.