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Students’ Blockchain Platform ‘Could Transform Auto Trading’

Tim Alper
Last updated: | 1 min read

An ambitious blockchain-technology-related research project designed by a group of four undergraduate students at Jeonbuk University has won a prestigious South Korean award. The Korean Institute of Information Technology and the Korea Digital Contents Society, two of the most influential groups of computer scientists in the country, praised the group’s proposal, which involved creating a blockchain-powered platform involving smart contracts for trading used cars.

Source: iStock/tacojim

The organizations said they felt the platform could haveinked a deal with America’s Ripple real-world applications in the country’s second-hand car market. According to media outlet Daily UNN, the scheme could boost data transparency, reduce transaction costs and allow for enhanced third party-free, motorist-to-motorist trading.

Meanwhile, an intensive blockchain course co-organized by South Korean bank NH and Seoul’s Dongguk University has completed the training of its first group of students. Twenty professionals from a range of different backgrounds successfully passed the intensive three-month course that features practical elements and focuses on possible cloud-based applications for blockchain technology.

South Korean universities, traditionally a rich source of innovation for the country’s tech sector, are now fully embracing the world of fintech, with many leading universities recently opening blockchain departments.

Earlier this month, one of the country’s “big three” tertiary education providers, Korea University, inked a deal with America’s Ripple – while rival Hanyang University sealed an agreement with one of South Korea’s biggest groups of blockchain startups.