Graph Blockchain secures deal with South Korea's Ministry of Transportation for blockchain-based pilot project

Blockchain development firm Graph Blockchain announced that it has partnered with South Korea’s Ministry of Transportation to initiate a pilot project for blockchain-based traffic data storage, according to a news release published on Global Newswire.

As per the announcement, the $55,000 CAD (~$41,723 USD) contract aims to provide solutions to modernize and protect data for its “Smart City” initiative. Graph Blockchain reportedly utilizes the open source Hyperledger Fabric framework to develop blockchain solutions with near real-time data processing and intuitive data visualization.

“The team is doing a fantastic job securing new business opportunities with multi-national corporations and government agencies, this will provide a strong foundation as we continue to search for gaming opportunities that will expand and diversify the Company for our shareholders,” Graph Blockchain’s CEO Jeff Stevens said.

Meanwhile, Korea Post, the national postal service of South Korea, wants to integrate blockchain technology to its billing system. The initiative, which will receive 800 million won (~$677,000 USD), is part of the “Digital to Digital Convergence Projects” launched by the Ministry of Science, Technology, and Information.

In addition, South Korea’s largest power provider, Korea Electric Power Corporation (KEPCO), has inked a deal with Nambu Electrica Power and Korean Southern Power Co. (South Power) to build a blockchain-based system for transacting Renewable Energy Certificates (RECs).