New Gov’t Initiative to Put South Korean Trade on Blockchain by 2021
Cointelegraph
Published Oct 15, 2019 07:04PM ET
Updated Oct 15, 2019 07:21PM ET
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.
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 said:
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