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South Korean province successfully completes blockchain-based voting for local community project

Blockchain startup Blocko Inc. announced that Gyeonggi-do, a populous province of South Korea, has adopted a blockchain-based voting system that is developed by Blocko, in a vote for local community projects that are proposed by residents.

The successful completion of blockchain-based voting involved about nine thousand residents who took votes on and off-line. The online voting system was adopted in the vote for the “Ddabok Community Support Project” that involved smart contracts technology developed by Blocko.

“Numerous institutions have contacted us to adopt a blockchain-based voting system after the voting in Gyeonggi-do. By using a blockchain technology in online voting, we can save expenses required to maintain a central management agency and time to collect vote results,” Won-Beom Kim, CEO of Blocko, stated in the release.

Using smart contracts technology, the pieces of information that are needed for voting such as voters, voting contents, among others can be registered in a blockchain that allows highly credible online voting without the engagement of a central management agency. According to Beom Kim, the high levels of authenticity and security would be gained as vote results and voting process that are stored in blockchain are immune to cyber-physical hacking and counterfeiting.

“Blockchains will change the world within a few years just as smartphones did. We can complement the limits of representative democracy with some direct democracy systems by using blockchains, the technology of the Fourth Industrial Revolution,” Nam Kyung-pil, the governor of Gyeonggi-do Province, stated.

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2017-03-23 08:00:49
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March 23 07:45 UTC Released

FRBusiness Climate

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104 %

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107 %

Previous

107 %

March 23 07:00 UTC Released

TRConsumer Confidence*

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67.8 %

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65.70 %

March 23 09:30 UTC 6969m

GBRetail Sales MM

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0.4 %

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-0.3 %

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GBRetail Sales Ex-Fuel MM

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0.4 %

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-0.2 %

March 23 09:30 UTC 6969m

GBRetail Sales YY

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Forecast

2.6 %

Previous

1.5 %

March 23 09:30 UTC 6969m

GBRetail Sales Ex-Fuel YY

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3.1 %

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2.6 %

March 23 11:00 UTC 159159m

GBCBI Distributive Trades

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5 %

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9 %

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USJobless Claims 4-Wk Avg

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237.25 k

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USInitial Jobless Claims

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240 k

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241 k

March 23 12:30 UTC 249249m

USContinued Jobless Claims*

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Forecast

2.035 mln

Previous

2.030 mln

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