A South Korean city Andong has announced that the city considered a free trade zone for industrial hemp run on a blockchain-based platform.
On July 7, it has been reported by Newspim that Lee Chul-woo, the governor of the city, held a press conference to reveal the permit granted to the city by allowing them to run the “Special Industrial Hemp Free Zone.”
However, this zone aims to present a new model of regional specialized industries by implementing smart farming and high-tech bioindustry solutions.
The government eased the terms of a 70-year-old narcotics law to allow for the industrial production of cannabis in specific areas, as all operations will be handled by the unnamed blockchain platform, which is expected to launch after the infrastructure in the Gyeongsan’s free trade zone is completed.
The South Korean government will permit Andong to manage a free trade zone using blockchain technology https://t.co/Nd6OyiAH39 — Cointelegraph (@Cointelegraph) July 7, 2020
It has been analyzed that previously, the existing hemp industry only allowed for textiles and seeds. The new designation will allow the industrial area to create a high-value biomaterials market through the industrialization of medical hemp.
The blockchain-based platform will provide production line tracking solutions, classifying the products by categories of quality, origin, and final destination.
Thus, Lee stated:
“This special regulatory zone has a special meaning different from that of the existing special zone in that it seeks a rational industrialization plan for narcotic drugs. We will grow more so that the company can write a new history overflowing.”