Why the Korean peace declaration was recorded on the blockchain | finder.com

Why the Korean peace declaration was recorded on the blockchain

Peter Terlato 2 May 2018 NEWS

The code’s author plans to launch a website that will retain permanent historic records on the blockchain.

North Korean leader Kim Jong Un and South Korea’s president Moon Jae-in met in the demilitarized zone on April 27 to sign the Panmunjom Declaration, advocating peace and denuclearization on the Korean peninsula. A 27 year-old South Korean game developer recorded this historical moment in two Ethereum transactions.

The declaration, agreed upon at the Peace House in Panmunjom, was widely broadcast across global television networks and online. A physical resolution was signed by the now former political adversaries and there were many witnesses present. However, Ryu Gi-hyeok decided to create a record of the event on the blockchain.

But why?

“I got the idea a couple of days ago from the record of a blockbuster campaign in China,” Ryu told Coindesk Korea. “I also thought that it would be okay to make a service that records the historical record that I want to record completely on the blockchain and show it on the website.”

“The Panmunjom Declaration, written in Ethereum 551,7596 block, will not go away unless Ethereum is gone.”

The “idea” that Ryu is referring to is an open letter, written by a senior student at Beijing’s Peking University, which details an alleged rape case that was previously censored on China’s internet ecosystem. This letter was later converted to digital code, posted anonymously, and now lives on the Ethereum blockchain.

Ryu paid the equivalent of around US$7.50 in fees to record both an English and Korean language transaction.

Although I did not pay much attention to politics, I was overwhelmed by watching the summit. I just thought it was too long for the South and the North to give each other one step and listen to each other.

Ryu Gi-hyeok explains his reaction to the recent declaration of peace in Korea

Ryu plans to launch a website that will maintain “historic records permanent and immutable” on blockchain.

Early last month, the mayor of South Korea’s capital, Seoul, announced that he wants the tech hub city to support blockchain projects and plans to create a cryptocurrency that provides economic benefits to citizens. The new coin may work in conjunction with Seoul’s eco-mileage system that provides benefits to citizens who save electricity, water and gas. It may also be applied to youth allowance, jobs support and welfare schemes.

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Blockchain technology advancing across different industries

Blockchain or distributed ledger technology (DLT) is a digital register that records cryptocurrency transactions. It provides complete transparency and is secure because no-one can tamper with the transaction history. Without the blockchain, digital currencies like bitcoin, Ethereum and Ripple wouldn’t be possible.

There is much potential for blockchain technology to reduce the costs and complexities associated with the insurance industry over the long term, according to the latest special report published by Fitch Ratings.

Last month, Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) completed the world’s first corporate loan transaction using blockchain technology, eliminating many complexities and providing a transparent process.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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