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South Korea Aims to Put Trade Finance on the Blockchain by 2021

South Korean government is planning to establish a digital trade foundation by using blockchain to reduce trading costs.

Digitizing the Korean Trade Finance Ecosystem

On Oct 14th South Korean finance minister Hong Nam-ki introduced the plan for the digital trade. Blockchain, AI, will be applied to the plan to digitize the Korean trade finance ecosystem by the year 2021.

The Finance Minister Hong Nam-ki reportedly added:

“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.”

The government of Korea also launched a digital trade foundation to promote e-commerce exports and reduce the time for exports and costs related to trade finance with more than 90%.

Chung Seung-il the vice-minister of commerce and industry said that the plan for such is to lead South Korea in the global digital trade market while upgrading the Korean online export support base while adding:

“We will make trade more convenient by integrating and providing trade information and export support services of government and trade organizations.”

South Korean Mobile Carrier on Blockchain

On Sept 16. Cryptonewspoint reported that a South Korean mobile carrier, Union Mobile launched a blockchain project, named ELYNET. The company will not charge its users for roaming and contracts for data use. ELYNET professes to be the first blockchain telecom company.

ELYNET doesn’t need to face regulatory compliance to work as a mobile operator through the use of distributed ledger technology.

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