south korea trade finance blockchain
South Korea Aims to Put Trade Finance on the Blockchain by 2021
October 16, 2019
south korea trade finance blockchain
South Korea Aims to Put Trade Finance on the Blockchain by 2021
October 16, 2019

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:

ALSO READ :  Poloniex Exchange Calls Out For Listing New Assets

“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.


Source: Cointelegraph.com | Image: beltandroad.news


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain and decentralized apps.
Share This

Share This

Share this post with your friends!