The Bank of Korea has reportedly chosen to establish a “Digital Innovation department” through organizational reform in the second half of this year, according to the local news on July 22.
Leveraging innovative technologies for efficiency
The Bank plans to introduce a number of different technologies, such as artificial intelligence and blockchain, through the digital innovation department.
The department will perform tasks such as implementing new digital technology policies and expanding the latest digital infrastructure. An official from Bank of Korea commented that:
“We will improve work efficiency by applying minutes from meeting minutes to financial and economic indicator trends and foreign exchange audits with the technology introduced.”
As Cointelegraph reported previously, the Bank of Korea was looking to use blockchain for bond market technology. This would allow the distribution of bond records among all participants. Korean ministries previously announced that they will allocate up to $3.2 million in funding to encourage blockchain innovation in the country.