South Korea has established a digital trade foundation to reduce the costs of trade with more than 90% by using blockchain technology.

The South Korean government is planning to establish a digital trade foundation to reduce the costs of trade by using blockchain technology.

Reduce trade costs by more than 90%

On Oct. 14, South Korean Finance Minister Hong Nam-ki introduced the country’s Development Plan for Digital Trade. Under the plan, technologies such as blockchain, big data and AI, will be applied to digitize the entire Korean trade finance ecosystem by the year 2021. Finance Minister Hong Nam-ki reportedly 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 Korean government also established a digital trade foundation, with the aim to promote e-commerce exports and reduce time and cost related to trade finance with more than 90%. 

Vice Minister of Commerce and Industry Chung Seung-il added that these initiatives are focused on South Korea’s lead in the global digital trade market and upgrading the Korean online export support base, 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 the blockchain

Cointelegraph reported on Sept. 11 that Union Mobile, the fourth-largest mobile carrier in South Korea, announced the launch of its blockchain project called ELYNET. The project aims to use blockchain technology to make telecommunications more efficient for those users who rely on a single carrier for telecom service and allow those clients to use data communication services without roaming fees and contracts.