SOOHO.IO Joins the Bank of Korea’s CBDC Project

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SOOHO.IO Joins the Bank of Korea’s CBDC Project

July 23, 2024

SOOHO.IO is participating in the Bank of Korea’s central bank digital currency (CBDC) initiative. As part of the 2024 Public-Sector Blockchain Adoption and Expansion Program led by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA), the project aims to build a CBDC-based digital voucher management platform.

CBDCs and the future of money

A central bank digital currency is a digital form of money issued by a central bank. The Bank of Korea’s CBDC usability tests explore the technology needed for a new digital currency infrastructure and its potential role in Korea’s financial system.

The voucher platform is an important step toward testing practical applications. It uses deposit tokens to implement voucher functions, with the aim of improving efficiency and transparency. SOOHO.IO’s blockchain technology will help make vouchers issued by governments and businesses more secure and convenient to use.

SOOHO.IO’s role

SOOHO.IO will provide a comprehensive smart contract management solution and research contract verification technology. Its role covers contract creation, validation, and deployment, applying digital compliance expertise to support the project’s reliability.

We are proud to contribute our technology to this national initiative and look forward to improving the efficiency and security of digital voucher systems.

Looking ahead

The insights gained from this research will inform future collaboration with overseas financial institutions. SOOHO.IO plans to use that experience in international pilots to evaluate the platform’s practical applications across markets.

As digital vouchers and CBDCs develop, SOOHO.IO will continue investing in research, technology, and global partnerships to contribute to the digital financial ecosystem.