Bank of Korea to Establish a “Digital Innovation Department” to Improve Business Efficiency
Bank of Korea to Establish a “Digital Innovation Department” to Improve Business Efficiency
July 23, 2020
Bank of Korea to Establish a “Digital Innovation Department” to Improve Business Efficiency
Bank of Korea to Establish a “Digital Innovation Department” to Improve Business Efficiency
July 23, 2020

The Bank of Korea has planned to establish a “Digital Innovation Department” through organizational reform in the second half of 2020 to improve business efficiency. 

On July 22, it has been reported that the bank will introduce a number of different technologies, such as artificial intelligence (AI) and blockchain.

However, 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:

“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 per the report, the Bank of Korea was looking to use blockchain for bond market technology. 

Thus, this would allow the distribution of bond records among all participants. 

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Source: Cointelegraph | Image: Nikkei Asian Review


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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