KOMSCO Set To Introduce Blockchain-Based Payment Certification

KOMSCO Set To Launch Blockchain-Powered Payment Certification

Business Korea reported on March 7th that KOMSCO is expected to introduce a blockchain-enabled Trusted Payment Certification platform. KOMSCO happens to be a government-run organization that is tasked with printing and minting banknotes and various other government-issued documents. Cho Yong-man, the corporation’s president, stated:

We are planning to launch [a] Trusted Platform that provides services in the public sector such as safe payment and authentication as well as information protection and management services by the end of the second half of this year by combining blockchain with the trust that KOMSCO has garnered in the sector.”

Yong-man’s statements came during a Ministry of Strategy and Finance press conference that took place at Sejong’s Government Complex.

According to reports, this project is part of KOMSCO’s larger research and development (R&D) efforts, which are aimed at improving its competence in emerging technologies. Notably, the state-owned corporation has a lot of experience handling Korean currency, as it is the only organization that has printed the country’s banknotes since 1951.

The Fourth Industrial Revolution

Over the years, KOMSCO has also managed 557 intellectual property (IP) patents related to anti-forgery. Now, the company intends to utilize them further for authentication purposes, protecting the brand identity of businesses, and channeling more funds towards R&D. Furthermore, it plans to collaborate with private-sector companies to launch various upcoming tech projects.

These initiatives are part of what the country calls the Fourth Industrial Revolution. Although there are quite a number of differences in the way this revolution is described, a notable one posted a few years ago by Weforum states:

The possibilities of billions of people connected by mobile devices, with unprecedented processing power, storage capacity, and access to knowledge, are unlimited. And these possibilities will be multiplied by emerging technology breakthroughs in fields such as artificial intelligence, robotics, the Internet of Things, autonomous vehicles, 3-D printing, nanotechnology, biotechnology, materials science, energy storage, and quantum computing.

Even though this particular description of the Fourth Industrial Revolution does not specifically mention blockchain technology, it does capture the essence of the impact of globalization and the information age.

Blockchain Technology Headed For Mass Adoption

South Korea and KOMSCO are clearly not alone in acknowledging the vast potential of distributed ledger technology, while attempting to incorporate it into their existing business practices. Moreover, UAE’s city of Dubai is planning to become what it calls the world’s first blockchain-powered government. One of Dubai’s main objectives is to create and manage all government documents using blockchain tech. Using this approach will dramatically cut down on costs associated with the inefficient printing of official paperwork, according to Dubai’s government.

It appears that KOMSCO also thinks that using blockchain-based systems will significantly cut down the operational costs of routine government procedures. In fact, the corporation has stated that it is working on improving its productivity and its ability to compete in global markets, presumably by starting with implementing its proposed blockchain-enabled Trusted Payment Certification platform. Of course, as widely acknowledged, other government services could also be improved by using blockchain technology.