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Bank of Korea to Establish a “Digital Innovation Department” to Improve Business Efficiency

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.

The Bank of Korea plans to launch a digital innovation department which will leverage blockchain and AI — Cointelegraph (@Cointelegraph) July 22, 2020

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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