The blockchain tech firm, Graph Blockchain Inc. has just started a new partnership deal with the Ministry of Transportation in South Korea. This is all to help the blockchain firm create a distributed ledger technology that would enable Seoul to store traffic data as part of its Smart City project.
According to a press release from GlobeNewswire, the Canadian based blockchain firm has secured a contract with the Ministry of Transportation in South Korea through its in-country partner.
The contract is worth just over $50,000 Canadian dollars and is aimed at launching a blockchain pilot for the storage of traffic data, as part of Seoul’s Smart City initiative.
Since they announced plans in October last year to change Seoul into a blockchain-powered Smart City worth around $108 million, the lawyer and now mayor of the city, Park Won-Soon has been working to get it up and running.
The blockchain urban scheme was/is scheduled to get up and running sometime between 2018-2022. The scheme will include fourteen public services in five key areas and include certificate issuance, labour welfare, vehicle history management and more.
At the time, Park also hinted about allocating about 60 million Korean Won ($53 million) for the construction of two huge companies to home 200 blockchain firms by 2021.
Park was present at the Korean Future Forum and Blockchain Tech Show in Seoul which made it clear that he’s still very much intrigued in the idea of bringing in new technologies such as artificial intelligence and DLT into the operations of the city, in a bid to deliver the best services to residents.
The CEO of Graph Blockchain, Jeff Stevens has shown his excitement for this new partnership and added that it represents a huge opportunity for the firm to contribute its bit to Seoul’s Smart City scheme.
“We look forward to delivering a robust solution that will streamline and protect data for Seoul’s smart city initiatives. The team is doing a great job securing new business opportunities with multinational corporations and government agencies, this will provide a strong foundation as we continue to search for gaming opportunities that will expand and diversify the Company for our shareholders.”