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- South Korea to invest a staggering 160 trillion won ($133 billion) invested for an efficient blockchain system.
- The digital platform centers in the country will ride from 10 to 30 in sectors like transportation, environment, and finance.
- The integration of data will help build a strong smart government. All this will only be possible once an efficient blockchain system built in the country.
The export-reliant South Korean economy contracted 1.3% in the first quarter itself. A drop in overseas shipment by more than 10.9% has led the Korean government to invest in a new digital deal. Furthermore, South Korea to invest a staggering 160 trillion won ($133 billion) invested for an efficient blockchain system coupled with a superior artificial intelligence government.
Digital And Green Sectors To Benefit From The K-new Deal
As the name suggests, it has been taken from Franklin D. Roosevelt’s project that had been launched to revive the American economy from the Great Depression. The South Korean government led by President Moon Jae-in has planned to revive the economy by creating a data dam for the public sector. It also plans to use artificial intelligence in finance, governments, and transportation services. The 5G wireless network would be available to the citizens of the country for the smooth dissemination of information.
A smart medical infrastructure keeping the national safety in mind will help prevent diseases like the current pandemic. Hence, a total of 142,000 data centers will be made public to increase cyber threat response.
Blockchain-Based Mobile Identification Card
Earlier this year, a partnership backed by Samsung Electronics and LG UPlus created the country’s first blockchain ID system. Nonghyup Bank of S.Korea initiated the idea along with the Ministry of Science and ICT. It will help employees with a virtual ID card, set meetings, and various financial services too. Moreover, the digital new deal will bring in more private players to switch to a blockchain-based ID system that will reduce paper usage and carbon emissions.
Big Data Centers For Digital Transformation
The digital platform centers in the country will ride from 10 to 30 in sectors like transportation, environment, and finance. The integration of data will help build a strong smart government. However, all this will only be possible once an efficient blockchain system built in the country.
It will bolster the economy out of recession and develop large-scale jobs for its citizens. Hence, the new system will also be based on AI and digital technology that will be cheaper and more efficient to use.
