The South Korean Ministry of Science and ICT is going to run a follow-up study on blockchain laws, as per a Yonhap report on May 21.

The study is termed the “Blockchain Regulation Improvement Study Group” and is an element of an initiative run by the government’s science and tech arm to work out how laws might be improved in order that blockchain tech may succeed widespread institutional adoption.

The Blockchain Regulation Improvement Study group was launched in June of last year, and at first targeted on rising legal laws regarding blockchain tech like personal privacy, smart contracts, electronic documents and digital signatures, and also the application of distributed computing systems.

This year’s research group can specialize in 5 institutional areas wherever blockchain school can do widespread adoption: supplying and distribution, public services, healthcare, finance and energy.

Seoul, the capital of South Korea, can reportedly add blockchain technology to its citizen cards. This school can supposedly enable the cardboard holders to simply verify their identity and access body services.

Seoul mayor Park Won-soon remarked that Seoul has conjointly already enforced alternative blockchain-based body services, like mobile e-voting. Moreover, the govt of Seoul has explicit that it's earmarked over $1 billion to fund blockchain and fintechstartups over the subsequent 3 years.

As antecedently reported by Top Market Group, governments in countries around the world are coming up with or implementing blockchain methods for economic development, together with New Zealand, Germany, Australia, and also the United Arab Emirates (UAE).

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