South Korean Institute ETRI files for Blockchain Patent, which is aiming to advance the transparency in regards to the information that is tied to public organizations.
13 July, AtoZ Markets – According to the document published by the US Patent and Trademark Office (USPTO), the South Korean government-funded organization has submitted a Blockchain-related application to the organization.
South Korean Institute ETRI files for Blockchain Patent
The application has been submitted by the Electronics and Telecommunications Research Institute (ETRI). It outlines a Blockchain-powered ecosystem for managing data of the public organizations. To be more specific, the system will be driven by a number of servers. It would record the financial transaction history of a public organization on a Blockchain. In order to increase the system’s reliability, the application introduces a third-party server to the structure. The third-party server will be responsible for doing “a mathematical operation.”
The key idea of the concept lies in an effort to advance the transparency in regards to the information that is tied to public organizations. The document published on the website reads:
“An income history or an expenditures history of the public organizations that enforce the national budget and non-profit organizations that raise donations need to be transparently managed. However, even though there are many possibilities that the server may be attacked or manipulated/tampered internally, it is difficult for ordinary citizens or donors to know the income history and the expenditures history of public organizations.”
Moreover, the ETRI has submitted a similar application to the Korean Intellectual Property Office. Such an application is a noteworthy example of a government-funded organization moving to obtain a patent right around an application of Blockchain.
South Korea Crypto Regulations
According to the latest online reports in South Korea, the country is now undergoing a cryptocurrency policy transformation. The reports state that authorities are now moving on with changing the South Korean cryptocurrency regulations. The key purpose is to sync the regulations with that of G20 in order for easier transaction process.
The South Korean government has established a panel to look into crypto exchanges and their dealings. This move appears following the reports of multiple hacks and frauds in the crypto industry. The central bank of Korea has also released a report on using cryptocurrency as a payment method.
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