Photo: KOMSCO website

On July 13 , MK News (the local media on economy in Korea), the Korea Minting, Security Printing & ID Card Operating Corporation (KOMSCO) announced that it has started building a trust platform based on block chain technology to issue gift certificates for mobile use. It is notable that the block-chain platform is characterised by its ability to prevent forgery and alteration of on-line information. Utilizing this technology and its platform, KOMSCO has started a pilot service for `Mobile Zone Love Gift Certificates` with Seongnam and Siheung City in Gyeonggi Province.

With the introduction of this coupon, the merchant can easily purchase the product or service through the franchise QR code after purchasing the mobile voucher as a smartphone app. When the franchise QR code fixed in a smartphone enters the amount to be paid, then after authenticating with a fingerprint or a simple PIN (PIN), the settlement ends.

With this platform, not only the consumers can use local gift vouchers safely and easily but the merchants can also reduce the burden of commissions eliminating the hassle of exchanging bank accounts. Accordning to KOMSCO another benefit would be that the local governments now would manage buisnessmen more easily.

Moreover, it can also be used for mobile voting, which is required for electronic document forgery prevention service, identity verification, various surveys and opinion polls.