As part of South Korea’s new Development Plan for Digital Trade, blockchain technology will be used to store trade finance-related documents, such as export bonds, to ensure digital security and prevent duplication.
Hong Nam-ki, Finance Minister of South Korea, announced on October 14th that the South Korean trade environment will be transformed with the use of new technologies such as blockchain, AI and 5G.
According to Hong, an easy and convenient digital trading platform will be built to facilitate the export sector across all stages of export, such as contracts, customs, and logistics.
The government also has plans to launch blockchain-based forex transactions in December 2019. Seven banks will collaborate to run the service.
Another project in the country is adopting blockchain for the u-Trade-Hub 2.0 (uHT 2.0) initiative. The project will store trade-related information and data on a blockchain-based platform and make it available to companies that have plans to expand abroad.
Global parties in trade finance have gradually realized blockchain’s advantages as one of the most secure ways to store data and have started to utilize the technology. In major economies like China, the China Construction Bank has started processing its operations with blockchain. Elsewhere, UBS has already launched its digital trade platform, we.trade.
There is growing speculation that blockchain will eventually become a common way to store data or even the ‘standard’ in many industries.
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