State mint to establish S. Korea's first public sector blockchain

By Park Sae-jin Posted : June 21, 2018, 18:32 Updated : June 21, 2018, 18:32


SEOUL -- South Korea's state mint promised Thursday to establish the country's blockchain-based open platform for public sectors. The platform will simplify the complex process of social welfare payment by providing services such as digital voucher coupon transactions.

The Korea Minting and Security Printing Corporation said it would introduce "KOMSCO", a cloud-based blockchain platform, saying social welfare payments are possible in the form of mobile vouchers through the blockchain. "We have served as a public company by manufacturing money and identification cards," a mint official told reporters.

The blockchain is a decentralized service which shares replicated and synchronized data geographically spread across multiple servers operated by countries or organizations. Each virtual ledger works as a verification tool, making it almost impossible to hack or manipulate.

KOMSCO will provide services such as digital transactions for mobile vouchers and a verification process to identify users. It will also provide information about new technologies and how to apply them in real life. The state mint plans to provide a set of tools and protocols for building a platform so that users can improve the blockchain's service or add new features.
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