New Gov’t Initiative to Put South Korean Trade on Blockchain by 2021

The South Korean government is planning to establish a digital trade foundation to reduce the costs of trade by using blockchain technology.

Reduce trade costs by more than 90%

On Oct. 14, South Korean Finance Minister Hong Nam-ki introduced the country’s Development Plan for Digital Trade. Under the plan, technologies such as blockchain, big data and AI, will be applied to digitize the entire Korean trade finance ecosystem by the year 2021. Finance Minister Hong Nam-ki reportedly