South Korea to Introduce Digital Trade Foundation on Blockchain

Asia Blockchain Review
October 23, 2019

South Korea is speeding up its digital transformation by introducing a digital trade foundation on a blockchain platform aimed at driving digital transformation with technologies like machine learning, big data and AI.

Driving Digital Transformation for Trade and Finance

According to a report by Block Publisher, South Korea will be setting up a digital trade foundation that will drive digital transformation in areas relating to trade and finance. The South Korean administration revealing that nation’s trade and finance ecosystem will be fully digitized by the year 2021.

South Korean Finance Minister Hong Nam-ki revealed that the foundation — which will operate on a blockchain platform — could potentially help the government’s operations in many aspects.

“We will build a digital trading platform that can be easily and conveniently used in all stages of export, such as contracts, customs, and logistics,” said Hong.

The administration disclosed that with the foundation, it will be able to lower the cost of trade finances relating to e-commerce and digital trade by up to 90%. The project is also expected to boost exports for the country.

Adopting Blockchain Technology to Enhance Trade Efficiency

Apart from the foundation, the South Korean government will also introduce other blockchain-based projects such as the U-Trade-Hub 2.0 initiative that will gather data on exports and foreign investments on a distributed ledger platform easily accessible to stakeholder companies.   

Moreover, the South Korean administration revealed that it will use blockchain to enhance the efficiency of its services and enable companies to trade and export with greater convenience.


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