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South Korea sets blockchain technology adoption first in healthcare

blockchain technology adoption

The South Korean government is putting its best foot forward so as to adopt blockchain technology as healthcare becomes the first industry to profit from the blockchain technology adoption.

The South Korean government is planning to embrace blockchain technology in diverse industries. The central bank of South Korea is currently reviewing the use of a central bank digital currency (CBDC), and various government ministries want to embrace localized identification features within their current systems. Hospitals, pharmaceutical companies, and research centers are also looking at blockchain solutions.

The South Korean government is pushing blockchain technology adoption and conducting several proof-of-concept projects to find a way to connect blockchain to the current system. 

 Blockchain technology adoption benefits healthcare industry 

Earlier, the Commons Foundation, a South Korean Non-governmental organization, revealed its scheme to develop a blockchain-based platform that aims to handle health epidemics in the wake of the COVID-19 pandemic. In consonance to the local news reports, the Non-Governmental Organization will depend on blockchain public services to create an epidemiological research system for the coming post-coronavirus era.

Choi Yong-Gwan, the Commons Foundation’s chairman, expressed concerns over the ongoing violation of personal information due to the pandemic emergency situation that motivated the  Non-governmental organization to develop a solution. Blockchain-based startups have also attracted venture capital across countries globally. 

Blockchain technology adoption for remote voting

Regulators across the globe are taking a serious look at the various uses of blockchain technology amid the ongoing global pandemic. The digital ledger tech is currently being utilized in many sectors all over countries, including healthcare and logistics.

Regulators worldwide have acknowledged blockchain technology adoption as a revolutionary tech with multiple uses across different fields. Earlier, the US Senate proposed blockchain technology for remote voting and other official agenda.  

The technology was initially meant to underpin cryptocurrencies as all transactions are permanently recorded on a digital ledger that can not be hacked or altered. As reported earlier, BHP Group, being one of the world’s leading mining companies, announced that it completed a $14 million iron ore trade using a blockchain platform developed by the Canada-based technology company MineHub Technologies. 

 

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