Blockchain is a dispersed data storage technology which stores all transactions across various computers. Having information stored in a decentralised format makes it impossible–according to the city–to forge or manipulate. Due to this, it is applicable in sectors that require a high level of security and credibility such as finance, healthcare, logistics, and more.

According to the Seoul plan, a fund worth 100 billion won (US$88.5 million) will be set up in collaboration with the private sector. The plan is to develop Seoul from a “great e-government city” to becoming a blockchain-based smart city with a competitive edge. Fourteen administrative services shall be powered by blockchain.

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