Introducing Decentralized Local Currency Initiative in Iksan Using Blockchain Technology
In a significant move towards digital transformation, the city of Iksan in Jeollabuk-do province, South Korea, has partnered with blockchain company Inscobee to modernize its local economy. This partnership aims to revolutionize the Iksan City "love gift certificate" and enhance the small local business payment ecosystem, while providing marketing support and discovering new regional digital services.
The initiative is part of a broader national agenda led by the current administration under President Lee Jae-myung, who has placed a renewed emphasis on revitalizing local currency usage as a key economic policy. The government's commitment to this initiative underscores their focus on nurturing decentralized financial instruments as part of regional development strategies.
The partnership with Inscobee involves collaborating with technology firms Parameta, Simverse Labs, and BoomCo Communications for the development of blockchain and AI-driven solutions. These technologies are intended to improve service delivery and user convenience in the local gift certificate program, and potentially extend to other digital payment ecosystems.
The local currency initiative will remain in operation for the next four years and eleven months, regardless of any new legislative developments. Funding for local gift certificate programs was included in a supplementary budget passed by the National Assembly.
The agreement intends to leverage emerging technologies for local economic development and tailor digital innovations to the distinct cultural and economic profile of the area. If successful, the blockchain-based love gift certificate model in Iksan could be replicated in other regions seeking to use blockchain-backed financial tools for local economic activity.
The partnership serves as a potential testbed for integrating advanced digital infrastructure into public services at the municipal level. Inscobee's technological roadmap focuses on building scalable, secure, and smart solutions that meet the evolving needs of local communities.
As of August 2025, while the collaboration likely continues as part of South Korea’s wider blockchain adoption in local governments, detailed or recent progress is not publicly documented in available sources. For the most authoritative, up-to-date information on this partnership or program status, direct municipal announcements from Iksan or press releases from Inscobee would need to be consulted.
This partnership between Inscobee and the municipal government of Iksan could set a precedent for the future of localized digital economies across South Korea, demonstrating the potential of blockchain technology to drive economic growth and modernization at the municipal level.
The partnership with technology companies Parameta, Simverse Labs, and BoomCo Communications aims to develop blockchain and AI-driven solutions, offering improvements to service delivery and user convenience within the local gift certificate program and potentially other digital payment ecosystems.
The initiative's strategic use of emerging technologies positions Iksan as a potential testbed for integrating advanced digital infrastructure into public services, encouraging the development of blockchain-backed financial tools for local economic activity that could potentially be replicated in other regions.
