South Korea’s Largest Interchain ICON (ICX) Connects an Ecosystem of Blockchain Communities 14958


Slowly but surely, blockchain continues to have an ever-growing impact on our everyday lives. Especially in the lives of South Koreans.

The National Election Commission started an online voting system called “K-Voting”, which has its foundation built on the blockchain. This voting system will have its start in small communities such as universities using a democratic system and will expand throughout the country following a successful test run.

The city of Seoul supports this demonstration of blockchain integration. This includes supporting blockchain companies, building a blockchain complex, and educating professionals on blockchain. They are also working towards bringing in a standard blockchain platform and working towards administrative innovation stabilizing the system.

Behind Seoul’s Blockchain development plan, there is ICON (ICX), the largest Blockchain project in all of Korea. ICON is a company that develops ‘interchains’ that connects all the different blockchains together, and according to CoinMarketCap, ICON’s aggregated value reaches up to 1515 billion won, its coin ranking 39th internationally, and 1st in Korea.

icx voting

It is ICON’s development company ICONLOOP that helped the most with the public sector development in the blockchain industry. The CEMC public sector has ‘established an informational voting system that suits the next generation using informational technology’. The city of Seoul is also being involved by bringing in a ‘blockchain standard platform’, a ‘role model industry’, and working to establish the foundation of blockchain with ISP’. It is based on ICON’s test net which was used for developing a blockchain citizen card, voting on blockchain, and payments on the blockchain demo system.

Currently, they are planning on establishing an automatic identification process for workers and pensioners receiving health care services. As well as an identification process that helps to keep track of unsigned labor contracts, uninsured to one of the four biggest insurance plans. They are also working on citizen cards, Seoul mileage, and developing smart contracts that will approve citizenships and connect to the administrative work system. ICON has basically set the foundation for blockchain integration. It is ICON that is forming the foundation of Seoul’s blockchain economy.

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