South Korea Plans to Move Trade Financials onto Blockchain BY 2021

While some countries take time to ‘study and implement blockchain’, South Korea is already light years ahead of our time and planning to move the entire trade finance industry on to blockchain by 2021.

News portal, CryptoNewsZ, quoted a local report which had stated the same, on the basis of an authentic report from an unnamed company. The unnamed company reported, that by 2021, there would be a complete transformation and in the next few months, transactions related to foreign exchanges would be powered by blockchain technology.

The Finance Minister, Hong Nam-ki, said, “We will build a digital trading platform that can be easily and conveniently used in all stages of export, such as contracts, customs, and logistics.” In addition to that, Vice Minister of Commerce and Industry Chung Seung-il said, “We will make trade more convenient by integrating and providing trade information and export support services of government and trade organizations.”

Another agenda that was highlighted by the report stated that the intention was to promoted foreign exchange trades iin blockchain and cryptocurrencies. The report states that the target is to unify seven major banks in South Korea by the end of 2019.  The news portal, earlier had reported that HSBC was also one of the banks that was in talks with the South Korean government.

The innovation director of distributed ledger Joshua Kroeker had said, “The biggest impact would be time. Time and transparency will help companies better manage their cash flow and working capital. I am here this week to reach out to Korean banks to collaborate on this blockchain platform for letters of credit.”

While South Korean cryptocurrency exchange Bitthumb garnered negative press over its hack, it is admirable how the country is still moving ahead.

Image credits: Needpix.com

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