SEOUL, South Korea, Jan. 5, 2018 /PRNewswire/ -- In December, 2017, Korean blockchain-based company Glosfer (Taewon Kim, CEO) entered into the local cryptocurrency market by signing a contract with Nowon-gu Office.
Once a blockchain-based system is built, when residents in Nowon-gu volunteer or make donations, it will be input in the cryptocurrency system for Nowon Cash. After going through verification from both the blockchain network and verification center, a transparent trading ledger is created. This way, the residents can easily use their NW Cash in affiliated stores in Nowon-gu -- a residential district of Seoul, South Korea.
With the blockchain-based cryptocurrency, the Nowon-gu Office will provide more convenient access for residents to the local stores, thereby facilitating the local economy.
"The goal of this project is to translate social values into economic values and to increase convenience and transparency for users in the system," said Seong-Hwan Kim, Mayor of Nowon-gu Office. "People will earn cryptocurrency in their account when they volunteer using 1365 Volunteer Portal or make donations after signing up for the Nowon Cash website. On the website they can also find information such as the stores and parking lots where they can use the cryptocurrency."
Taewon Kim, CEO of Glosfer, said "Nowon Cash is a good case that combines blockchain technology, which provides transparency, with social values into an actual business. We will continue to commit ourselves to applying blockchain technology to projects for institutions that require transparency including the government and NGOs."
Glosfer is a leading blockchain company in South Korea. It provides an open source platform based on a blockchain technology. As the first generation of blockchain company in South Korea, the company strives to expand its activities in different industries to influence domestic markets using its developments such as PACKUTH, cryptocurrency trading platform as well as international remittance services. With Infinity Project based on HYCON coin, the company establishes and facilitates its own cryptocurrency ecosystem while contributing to making a transparent and fair society based on blockchain technology by working with public institutions.