ICONLOOP joins Seoul Metropolitan Government’s blockchain initiative – Press Release

Seoul-based blockchain startup ICONLOOP has been selected as sole operator of the Seoul Metropolitan Government’s blockchain ISP project.

The project aims to use automation to improve online qualification process for selecting recipients of public service and welfare.

It also hopes to improve working environment for part-time workers through immutable labour contracts, streamlined insurance, and better oversight of potential mistreatment.

From November 2018 to February 2019, ICONLOOP will analyse blockchain-based unit activities and informatisation status, and establish a phased plan to implement ‘online qualification without any documents.’

“We will focus on developing ISP consultancy, customised for the city of Seoul in order to demonstrate the real value of blockchain, including transparency and efficiency … We will focus our capabilities on designing realistic welfare process models and mid-to-long term development plans by thoroughly reviewing the regulations when adopting blockchain,” said ICONLOOP CEO and ICON Foundation member JH Kim.

ByteDance fined over illegal medical advertisements – South China Morning Post

Beijing-based ByteDance has been fined by Chinese regulator for publishing illegal medical advertisements on its platforms, South China Morning Post reported.

The company was ordered to pay a total of RMB3.7 milion (US$533,000), which is due in 15 days.

ByteDance spokesperson has declined to comment.

The Chinese government has been stepping up its effort to control over online advertisement following the death of a student in July 2016, after undergoing an experimental cancer treatment. The student discovered the treatment using search engine Baidu.

Also Read: Today’s top tech news, Aug 10: Mobike investigates sexual harassment, ByteDance is raising US$3B more

Warburg Pincus reportedly makes first close of new fund – Bloomberg

US-based private equity firm Warburg Pincus has held the first close of about US$14 billion for its latest flagship, which is said to be its largest yet, Bloomberg reported.

According to anonymous sources, the firm has begun fundraising for Warburg Pincus Global Growth LP since May, with an initial target US$13.5 billion.

It is said to be able to close as much as US$17 billion based on investor demand, but it may cap the pool at less than that.

South Korea indicts Toptec Co for allegedly selling info on Samsung’s flexible OLED display – TechCrunch

Prosecutors in South Korea have indicted the CEO and eight employees of Toptec Co for allegedly selling information about Samsung’s flexible OLED display to an unnamed Chinese company, TechCrunch reported.

Toptec is a Samsung supplier that manufactures display-related equipment; it has denied the charges in the statement.

The charges detailed that the company received more than US$13.8 million for the information.

It does not name the Chinese company that was involved in the case

Image Credit: ICONLOOP