At the International Electric Vehicle Expo, which aims to be the Davos Forum for electric vehicles, “digital tokens” based on blockchain technology will be distributed.

On April 16th, the International Electric Vehicle Expo (hereafter “IEVE”) signed a Memorandum of Understanding (MOU) with Chain Bridge, a domestic company specializing in integrated management of digital assets, to expand the reach of digital token ECAR, at Hotel Nanta in Jeju-si.

Chain Bridge will act as a partner for the wallet of the blockchain-based digital token ECAR, in charge of constructing and operating a token payment system, performing on-site payment during the expo, and marketing using social networking services (SNS).

ECAR issued by IEVE is based on Ethereum Request for Comment 20 (ERC20), the most commonly used standard for issuing Ethereum tokens. Even if you don’t know well about blockchain, anyone can use the smartphone number to easily distribute and manage ECAR.

The 7th IEVE will provide ECAR as an incentive to participating individuals, general visitors, and exhibitors at the exhibitions and conferences who register in advance or on-site through the official website (www.ievexpo.org). ECAR can be used to purchase tickets to exhibitions and conferences at the Expo, and to participate in various domestic and foreign forums and events held throughout the year at IEVE.

ECAR will expand its applications beyond IEVE, such as the Silicon Valley Business Forum (SVBF), and conferences and exhibition events of member countries hosted by the Global EV Association Network (GEAN), which includes over 30 countries around the world.

Prior to this, in 2018, IEVE signed a design contract to issue digital tokens with Smatoos, which specializes in token economy, and as well as an advisory agreement last year with Crypto MBA, Seoul School of Integrated Sciences & Technologies (aSSIST) that specializes in blockchain management strategy, strengthening its expertise in issuance and distribution of digital tokens.

This year, IEVE is also conducting a policy forum for exploring ways to integrate blockchain and electric vehicles, the core iconic fields of the 4th Industrial Revolution, as it was held last year.

“The key to the token economy is reinforcing people's specific actions through incentives,” said Kim Dae-hwan, Chair of IEVE. “In the MICE industry, which includes IEVE, participation and cooperation of many related personnel is important, and the formation of a token economy at IEVE will be a prominent example for the digital MICE industry that will ultimately present a new direction to Jeju, which aims to create a special blockchain zone.”

“This joint cooperation with IEVE is regarded as a good model of collaboration in the blockchain industry,” said Park Byeong-hyeon, CEO of Chain Bridge. “We will continue to provide our technical support so that the ECAR ecosystem can reach the global level beyond IEVE, connected to the Global EV Association Network.”