Technology

Political Parties in South Korea to Use Blockchain

Political parties in South Korea are discussing the possibility of using blockchain in the democratic process, with some calling for the technology to be used in the voting system.

The Largest Opposition Party is on Board

South Korea’s largest opposition party, Liberty Korea Party (LKP), appears to be high on the technology.

Kim Byong-joon, Former Deputy PM said that the party was keeping a close check on the technology and may use it in the next election.

Na Kyung-won, one of the party’s MPs, also spoke about the technology. He said:

“Blockchain democracy is the way ahead for the [LKP]. Many of our supporters are traditionally older and are concentrated in certain key regions. Opening new digital channels will help us transition away from being an ‘offline’ party.’”

More Parties Share the Same Views

LKP is not the only party that appears to be in favor of using blockchain technology. Another big opposition party, the Bareunmirae Party, is rumored to be considering using blockchain. The party recently discussed the possibility of using blockchain to improve operations.

Kim Kwan-yeong, Bareunmirae’s MP, said: “We should [use blockchain technology to] change our party structure and make the decision-making process more democratic and efficient. Such a system could help us react more promptly to the demands of our party members and constituents.”

Party’ chairman, Kim Sung-sik, also seems to be in favor of using the technology. He talked about how blockchain could help the party reach a wider audience and present its views to them without any troubles. Moreover, he also hinted at the possibility of using the technology in the policy formation process.

The Ruling Party Seems To Agree As Well

Blockchain could also possibly benefit the ruling party, said members of the Democratic Party.

Kim Jin-pyo, MP of the party, has been pushing to introduce a voting system based on the growing technology, highlighting how it could encourage more people to vote and also stabilize the process.

There is no concrete word on when and how the technology will be introduced into the political scenario, but with so many parties pushing for it, it may happen sooner than later.

Related post:

South Korea’s crypto renascence with new exchanges regulation

Michael Wight

Michael is a freelance writer with special interest in finance and technology. He regularly trades cryptocurrencies and loves to share his knowledge with others.

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