CandleFocus South Korea tests digital vouchers, blockchain for item recovery
2024-11-13
Author: Content Editor
The Bank of Korea (BOK) has launched a pilot project to digitize payment vouchers as part of its central bank digital currency (CBDC) trial. The project aims to expand the use cases of the upcoming digital won by partnering with the Financial Services Commission and the Ministry of Science and ICT, as well as several large banks. The digitization of vouchers is expected to unlock value, reduce inefficiencies, and eliminate fraud. The pilot will introduce QR codes and a mobile app for easier processing and instant settlement. Meanwhile, the city of Busan has launched a digital platform powered by AI and blockchain to help recover lost items. The platform called Finding All allows users to report lost items with a mobile app and use AI to search for the best matches. Blockchain technology is used to maintain the integrity of user data and prevent fraud.
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