Graph Blockchain Inc. shared an update dated 24 June through Globe NewsWire about securing a contract with the Ministry of Transportation in Seoul, Republic of South Korea.
Graph conveyed that the contract is for approximately 55,000 Canadian Dollars (CAD). The project is pilot based to store traffic data on the blockchain as part of the Smart City initiative. As part of the growing need to accept blockchain technologies, Seoul’s mayor Park Won-soon announced a five-year plan to advance the blockchain industry in the city. Park also expressed a vision to soon integrate blockchain into administrative systems.
Jeff Stevens, CEO of Graph Blockchain Inc cited –
“This is an exciting opportunity for our Company to introduce Graph Database Blockchain solutions to the Ministry of Transportation. We look forward to delivering a solution that will streamline and protect data for their smart city initiatives. The team is doing a fantastic job securing new business opportunities with multi-national 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.”
Park also mentioned about the integration of blockchain technologies into citizen ID cards. Generally, in South Korea, banks are giving much emphasis to blockchain technologies but not to cryptocurrencies. Banks have realized the importance of high technology over traditional systems. South Korea has also imposed a ban on Initial Coin Offering (ICO). All these endeavors to realize the plan to be noted as ‘BlockChain City Of Seoul’.
In February, South Korea’s Central Bank has raised concerns over Central Bank Digital Currency. The report was prepared by the Korean researchers which depicted how a bank issuance might affect the funds at commercial banks. Bank deposits would substantially lower the supply of private credit by commercial banks.
Last year, South Korea’s National Assembly, held a crypto regulation constructive argument arranged by major local cryptocurrency exchanges. This involved high profile government officials. The meeting was arranged by cryptocurrency exchanges including Upbit, Bithumb, Korbit, Gopax, and Coinone.
Graph Blockchain Inc concluded by throwing light on some of its key industry engagements. Graph Blockchain builds state of the art blockchain and database management systems. It is well renowned as a leader in the graph database. Graph leverages many high technology paradigms to achieve near real-time processing and neat visualization. Graph Blockchain Inc is benefited from various clients and sells its product as a full enterprise version.