South Korea has been making quite a few headlines in the blockchain and crypto world, from the stringent nationwide security audit to uniting crypto exchanges in fighting the menace of money laundering, the country is seriously indulged in the cryptoverse. And yet again, we see the country in spotlight and this time it’s bringing blockchain to the political table.
According to an official announcement published on Jan. 31, South Korea’s conservative political party, the Liberty Korea Party (LKP), announced its objective to leverage the blockchain technology in order to improve on certain areas in the political ecosystem.
The LKP, which was formerly known as the Saenuri Party, currently holds the title of the second largest party within the South Korean national legislature. It impressively occupies more than one third of the 20th National Assembly seats. And if we talk about the number of members, well then according to statistics from 2015, the LKP comprises of more than 3 million members.
With the help of blockchain, the party aims to enter a new age of democracy, which is both open and digital. According to the press release, one of the objectives of the initiative is to build a new system where both citizens and members of the party can participate in a ‘revolutionary way’.
Another objective of the initiative is to make information more transparent. The press release further added,
The blockchain, which is regarded as one of the key technologies of the 4th industrial revolution, is a technology that enables users to share data and guarantee mutual trust.
As per the announcement, blockchain technology will be implemented in four major areas. Firstly, it will be used for recording purposes. One use will be to record meeting results of the central and local parties’ assembles. The second use will be to record, as well as evaluate the key performance indicators (KPIs) of members’ activities.
The third area where the blockchain technology will be implemented is in the voting process for elections in the party. There have been few news stories regarding this particular point previously as well. The blockchain-powered voting process will involve an online system that will offer anonymity, transparency, and security. Moreover blockchain will also be used for a petition system, the purpose of which will be to prevent any manipulation of comments submitted by party members.
Furthermore, the release also mentioned the possibility of offering digital tokens to members of the party, however it did not provide further elaboration on the implementation of the token system or its purpose for that matter.
For further details, stay tuned to BlockPublisher.