Ensuring transparency in policy funds through smart contracts, with expectations of blocking illicit distribution Starting with an integrated payment network for Daegu and North Gyeongsang to promote a nationwide, general-purpose model for local governments
Image provided by=BEATOZ
BEATOZ announced that it has completed a proof of concept (PoC) with iM Bank (President Kang Jeong-hoon) and COOCON (CEO Kim Jong-hyun) to build a blockchain-based regional economic payment infrastructure.
This PoC focused on △the execution of policy funds based on smart contracts △the application of stablecoin payments △and verifying the potential to revitalize local economies. The three companies verified a structure that records all transactions on the blockchain and settles them instantly, in order to expand the existing small business–centered payment network into a universal infrastructure that encompasses large retail networks and the B2B sector.
The PoC used iM Bank’s financial infrastructure, BEATOZ’s blockchain and CPG technologies, and COOCON’s payment data API technology. The parties examined the integration structure of the infrastructure by implementing the entire transaction process step by step, from payment requests and merchant verification to blockchain payment processing and notification of results.
In particular, BEATOZ’s “programmable payment” technology using smart contracts can be configured so that payments are approved only at designated merchants, which is expected to block the improper distribution of local government subsidies and support transparent execution of welfare vouchers and similar programs. The parties also reviewed the potential of a self-sustaining economic model that promotes local consumption and reinvestment by enhancing merchants’ cash flow through reduced fees and an instant settlement system.
Representatives from the three companies stated that this achievement is expected to lay the technical foundation for the use of digital assets and stablecoins and serve as a first step toward forming future-oriented regional economic blocks.
Going forward, the three parties plan to first promote the establishment of an “integrated Daegu–Gyeongbuk payment infrastructure” based on the technologies verified in this PoC, and then develop a universal model that can be expanded to local governments nationwide. They also intend to broaden the role of the infrastructure to support local governments’ economic policy-making by analyzing consumption patterns based on de-identified blockchain data.
Choi Yong-seok
AI-translated with ChatGPT. Provided as is; original Korean text prevails.
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