South Korea Considers Blockchain-Run Free Trade Zone

Cointelegraph

Published Jul 07, 2020 03:45PM ET

Updated Jul 07, 2020 05:20PM ET

Andong, a city in the Gyeongbuk province of South Korea, announced on July 7 that they’ve been granted a permit to operate a free trade zone for industrial hemp. They additionally announced that they will manage their operations through a blockchain-based platform.

According to Newspim, Gyeongbuk’s governor, Lee Chul-woo, held a press conference to reveal the permit granted to the city, allowing them to run the “Special Industrial Hemp Free Zone.” This zone aims to present a new model of regional specialized industries by implementing smart farming and high-tech bioindustry solutions.

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