Seoul is nearing several significant milestones in its journey towards becoming a blockchain smart city, blockinpress reports. By November, it aims to have the following in place:
- Public services accepting Korea’s national blockchain ID system as valid documentation.
- A blockchain system for managing part-time worker labour contracts, insurance and work history.
- A native city-wide cryptocurrency, dubbed S-coin.
According to blockinpress, S-coins will be redeemable for rewards and given to citizens when they use public services and participate in citizenship duties, such as paying taxes and participating in public opinion polls.
Beyond that, the potential applications of a digital currency such as S-coin are almost limitless, as a way of shaping people’s behaviour and streamlining interactions in the smart cities of the future.
The value of S-coin
To understand the value of the S-coin – the real rather than speculative value – it’s important to understand that one of the guiding principles of Seoul’s smart city program is to put engaged citizens at the centre of everything. After all, a city (and the entire planet for that matter) is for the benefit of its inhabitants first and foremost.
A native cryptocurrency is an excellent way of incentivising desirable behaviour in an organic way.
As people have previously said, government incentives have historically been oriented almost solely around punishments. Citizens behave because they get punished if they don’t. But just about every piece of behavioural research on the planet says a combination stick and carrot approach is by far the best way to instil desirable behaviour in humans and other animals.