South Korea is planning to embark on the blockchain trail for trading. As per local media reports, the complete digitization of the trade process is headed towards achieving low cost trading benefits and is anticipated to be completed by 2021.

Finance Minister Hong Nam-ki introduced the Development Plan for Digital Trade which highlights the utilization of cutting-edge technologies such as artificial intelligence, blockchain and big data for furnishing customized trading information to the companies which will reduce the time and cost related to trade finance by more than 90%. These technologies will also be used to devise a digital trading platform to boost e-commerce exports.

Hong Nam-ki said:

“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 plan also stated the utilization of blockchain in the u-Trade-Hub 2.0 (uHT 2.0) initiative to garner information pertaining to exports, foreign investment and international projects.

Chung Seung-il, Vice Minister of Commerce and Industry, said that the scheme is driven towards improving the Korean export support foundation by furnishing trade information and export support services of the government and other enterprises.

In June 2019, as reported by BitcoinNews.com, the government of South Korea committed to revising laws so as to allow for more flexibility in fintech startups in the country to create new business models. Prime Minister Lee Nak-yon said that the consideration of such sweeping changes represented the state’s desire to give a boost to its fintech sector, hoping to spur innovation and the creation of new industries through deregulation.

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