Summary:

Australia Plans To Deliver Welfare Payments Using Blockchain Technology In 2019; Mayor of Seoul Pledges Support For Blockchain Technology For Re-election Campaign; Bank Of America Patents Blockchain Security Tools

Australia Plans To Deliver Welfare Payments Using Blockchain Technology In 2019

According to CCN, the Australian government’s digitization agency announced that they plan to explore delivering social security welfare payments through the use of blockchain technology.

Digital Transformation Agency chief executive Randall Brugeaud emphasized that welfare payment delivery is an early use-case for the Australian government’s efforts to implement blockchain technology into the public sector.

Brugeaud stated:

“Our plan is to look for use cases across the Commonwealth with an initial focus on the welfare payment delivery system, then working with our digital service standard, we’ll conduct user research a view of having a prototype by the end of the next financial years… The potential of blockchain to securely record transactions will be investigated, drawing on the experience of other public and private sector organizations”

Mayor of Seoul Pledges Support For Blockchain Technology For Re-election Campaign

According to Coindesk, the mayor of Seoul, South Korea, has pledged increasing support for blockchain technology to improve his chances at re-election in June.

Seoul Mayor Park Won-soon stated that he is committed to helping Seoul’s Mapo district in becoming a center for blockchain innovation. More specifically, Park pledged to turn a Fintech complex into a center for fintech and blockchain development.

This proposal is a continuation of previous remarks from Park, who announced in April plans to release Seoul’s own cryptocurrency called the “S-coin” which would be used in city-funded social benefits programs, as well as launching a fund to invest in blockchain startups.

Bank Of America Patents Blockchain Security Tools

According to Coindesk, Bank of America has won a patent for a way to control access to certain aspects of a permissioned blockchain network. The patent explains how security tokens (i.e. electronic keys) would be used to grant access to certain users to the information in a specific block. The system would be automated so that the network itself would grant and track access.

Bank of America states in the patent:

“A need exists to provide designated entities/users the ability to readily identify blocks that are relevant to the designated users’ concern and, once blocks have been identified, security features that assure that the designated entities/user that are accessing the blocks are, in fact, authorized users.”

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