SINGAPORE, Sept. 28, 2018 /PRNewswire/ -- Singapore-headquartered Locus Chain Foundation (Locus Chain) signed a partnership agreement with the Government of the Democratic Republic of the Congo to establish and operate a task force organization, for building e-government systems based on Locus Chain's blockchain technology platform. Locus Chain also announced that it will establish a local research institute to support and facilitate the operations of the newly formed task force.
The task force was established in May through a strategic alliance with the Government of the Democratic Republic of the Congo to apply Locus Chain at the national level in relation to national resource development projects, distribution systems and financial systems.
The plan is an advanced, concrete stage. The task force, which consists local experts and senior executives and key developers from Locus Chain Foundation, is responsible for minimizing errors and ultimately developing e-government systems based on blockchains.
The partnership agreement was signed at the government offices of the Democratic Republic of the Congo by representatives of Theore Mugalu, the Chief Secretary of the Democratic Republic of the Congo, the Congo Central Bank and the Treasury Secretary, as well as representatives from the mining industry. They discussed collaboration opportunities to support the task force organization as well as the establishment of the local Locus Chain Foundation Research Institute.
The project begins with the complete blockchaining of four government systems' databases. The Locus Chain blockchain platform will be applied to the national resource development, production and distribution process systems -- which are the main industries of the Democratic Republic of the Congo -- as well as the central bank management system.
The project will also build systems necessary for national management, including the security of social welfare such as agriculture, manufacturing, services, medical care, crime prevention and community. These systems will also be based on blockchain technology.
SangYoon Lee, Chairman of Locus Chain Foundation, said, "In consultation with government officials from the Democratic Republic of the Congo, we came to the conclusion that the task force organization -- comprised of Congolese experts and and the local subsidiary of Locus Chain -- will deliver important quality control by establishing and promoting the project. We thank the Government of the Democratic Republic of the Congo for promising its full support for the establishment of a local corporation, including tax benefits."
Mr. Lee added "If the e-government system construction project based on Locus Chain's blockchain technology is successfully completed, it will play a critical role in accelerating rapid development in the Democratic Republic of the Congo, one of the world's most resource rich countries, as well as contributing to the national interest."
About Locus Chain Foundation
Locus Chain Foundation Pte, Ltd. was set up in Singapore in 2018, to develop a Blockchain-based platform and related business. Built by a team of Korean developers, international partners and advisors, the Locus Chain Foundation will offer affordable access to a reliable, secure platform that ensures accountability and transparency. With offices in Singapore, Seoul and Dubai, the company has a global footprint and partnerships to realize its plan to become the blockchain solution for international businesses and global citizens.