South Korea seeks improved digital economy with blockchain-based online voting

South Korea has unveiled plans to establish an online voting system using blockchain as part of plans to lead the industry.

The announcement by the Ministry of Science and ICT tipped blockchain for the electronic voting system due to its inherent characteristics of transparency and immutability. The ministry noted that eliminating third parties and intermediaries would improve the electoral process in the country.

By using a blockchain-based online voting system, the authorities can store the election results in the country without fear of manipulation by bad actors. The move to use distributed ledgers in elections stems from the overhaul process the country’s voting system is undergoing.

South Korea has experimented with online voting since 2013, but it has been limited to elections in educational institutions and certain positions in political parties. However, the country approved an electronic referendum last month, and the process may use the proposed blockchain-based e-voting system.

“We are now working to improve the blockchain voting system, spending 1.5 billion won ($1.1 million) for this year,” the ministry’s press release said. “And we will expand the amount in 2023.”

Aside from the launch of blockchain voting processes, lawmakers are mulling the creation of an online platform to store citizens’ academic records. The plan will leverage blockchain to make it easier to authenticate job seekers’ educational qualifications to reduce fraud. The South Korean government, not resting on its laurels, says the new technology will also be used to run the subsidy management scheme.

AnonSurvey, an e-voting blockchain app, was launched with the BSV blockchain as the backend, allowing users to cast votes or answer surveys while maintaining privacy.

Eli Afram, owner and developer of AnonSurvey, tells CoinGeek: “I think it’s great that South Korea is leading the way and showing other countries how to create transparency in government. That’s exactly what I’ve been advocating for the last couple of years with AnonSurvey. Transparency is a key ingredient for fair elections, and what better platform to provide that than a public blockchain? It’s not necessary to spend millions of dollars, but AnonSurvey is already built and can offer governments and organizations the ability to vote on chain for a fraction of the cost elsewhere.”

South Korea’s renewed power

South Korea has emerged as the leader in blockchain adoption in Southeast Asia, with much of that adoption stemming from the new government. The country swore in a new president, Yoon Suk-yeol, an ardent digital resource enthusiast who promised sweeping changes.

True to his word, the president has introduced several changes to the sector, such as postponing the 20% tax on digital currencies until 2025. Furthermore, the country has unveiled a number of funds to support the metaverse development, but Terra’s collapse has dampened its enthusiasm.

Since the collapse, digital asset exchanges have increasingly come under the crosshairs of South Korean law enforcement agencies, as traders hope that dark chapter is coming to an end.

Watch: BSV Global Blockchain Convention Presentation, Making Blockchain Easy for Real-World Use

width=”560″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”>

New to Bitcoin? Check out CoinGeeks Bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.