- The Seoul Metropolitan Government has reported that it will run operations for the automobile industry’s integrated information system.
- The automobile industry database being handled by the Seoul Metropolitan Government will be one of a kind.
- South Korea has mostly been embracing of blockchain-based solutions in the past with the country even having regulation-free blockchain zones.
The Seoul Metropolitan Government has reported that it will run operations for the automobile industry’s integrated information system. That is built as a database on user car sales, parts, maintenance, and tuning while applying blockchain technology to prevent alteration to the database and provide security and transparency to the system.
The database will source information from the automobile industry in Jaganpyeong in Seoul into a website jac.or.kr to provide an immutable data source compared to traditional databases. The system will begin running starting today as per current reports.
South Korea has mostly been embracing of blockchain-based solutions in the past with the country even having regulation-free blockchain zones that provide businesses utilizing blockchain technology to operate free of traditional business regulations.
Also, the largest energy provider in the country signed a contract with two other domestic power utility companies to develop a blockchain system for making renewable energy certificate transactions.
Blockchain technology was first introduced to the world through the Bitcoin protocol with the intent of introducing a method of making trustless, decentralized, secure, and transparent data storage protocol for transacting the cryptocurrency.
It is based on distribute ledger technologies where there is a decentralized ledger across all nodes in a network carrying the data, thus making it secure and immutable while the data remains transparent and integrated.
But blockchain technology soon found its use cases outside of Bitcoin as other sectors began utilizing the technology into various fields like green energy, aerospace, real estate, and automobiles.
The automobile industry database being handled by the Seoul Metropolitan Government will be one of a kind and a revolutionary way of handling data generated by the automobile industry to be secured and be made tamper-proof.
This will provide streamlined digital access to the blockchain network being built for all the authorized parties while remaining free of manipulation from any single entity.
Similar technology was seen implemented by aerospace giant Honeywell in tracking spare airplane parts throughout the market in order to ensure that parts reach the right locations, and the transactions and part data also remain secure.
Such pushes in integrating blockchain technology into our current systems are the way forward into the future, and it is refreshing to see countries like South Korea leading the change.
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