South Korean political parties are debating on use of blockchain technology as part of the democratic process, with advocates calling for the introduction of blockchain-powered voting systems.
Former Deputy Prime Minister Kim Byong-joon, of the Liberty Korea Party (LKP) – the country’s biggest opposition party in South-Korea’s conservative political party, has revealed its plans to implement blockchain for enhancing the party functioning.
A number of political parties in the in South Korea have expressed an interest in using blockchain technology solutions to expedite the decision-making process, & many now want to use digitized, decentralized voting systems for candidate nominations & other processes.
Several countries have been looking to use blockchain technology for more efficient voting processes. Back in November, South Korea were announced that it was set to test a blockchain system in an effort to improve the reliability and security of online voting.
South Korean officials believe that blockchain voting system will increase both security and transparency, thereby improving people’s trust in digital voting.
This system will Developed by the country’s National Election Commission (NEC) & its Ministry of Science and ICT, the distributed ledger system is based on IBM’s Hyper ledger Fabric and will be used to authenticate voters and save voting results in real time.