According to a according to a Yonhap News report made on May, 21st, the Ministry of Science and Technology (also known as MEXT) of South Korea has currently developed plans of running a follow-up study on the blockchain regulations. The "Block Chain Regulation Improvement Study Group" is what this study group are referred being referred to as. This group was developed as a way to study and figure out if the blockchain requires any improvements in its development. They were utilized effectively just last year for this very reason, as a strategic move to follow-up on the ever developing blockchain technology in June of last year.
Due to the effectiveness of this block chain regulation improvement study group last year, the South Korean government has reason to believe that they will perform just as well this time around in gaining valuable data on the blockchain. Since the block chain technology is still so very new, any information gathered on it is useful for the Ministry of Science and Technology. The most basic explanation of what the blockchain technology is and how it works is that it works like a digital type of monetary ledger. It works similar to credit card transactions but is based more on a credit type system that, once that credit is used, it is no longer usable. Very much like how any type of monetary exchange would work.
Through the efforts performed by the study group, the government will be able to determine the full scope of how the blockchain technology works. They will be able to determine where its main flaws lie and what can be changed about it to improve usability for those who use it in South Korea. The initial goal of the blockchain study group was to figure out improvements around the new technology's legal regulations. That included smart contracts, privacy, situations where digital signatures were exchanged, and public or social services.
This year the areas of concentration will be public services again, healthcare, distribution/logistics, energy, and finance. Seoul has reported that it will be adding blockchain to their citizen cards. Admin services are already being used with blockchain technology, such as mobile e-voting, with over $1 billion set aside by the government to invest in more of the technology in the near future.