South Koreans Launch New National Blockchain Consortium

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The Korea Financial Investment Association launched a Blockchain consortium on last week at a launching ceremony along with 21 financial investment companies and five Blockchain tech firms. The comapnies signed an MOU so that their expertise can be shared for mutual benefits and the consortium can function as a leading Blockchain think tank in the local capital market.

Jung Suk-yee from Business Korea writes:

The IT Committee of the Korea Financial Investment Association is planning to share its Blockchain case studies and technical research results with the consortium as well. In addition, the committee is going to assist in the operation of the secretariat of the consortium and technical training sessions.

The secretariat is to work on business opportunity creation and platform establishment with the member companies. Its future research projects include those on the establishment of a common platform for personal authentication (2017), clearing and settlement automation (2018 and 2019) and over-the-counter trading (2020).

“This consortium is the first case in South Korea where multiple financial firms make use of Blockchain,” said NH Investment & Securities managing director Park Sun-moo at the ceremony, adding, “It will contribute to the realization of the essential value of Blockchain and maximization of the convenience, security and efficiency of financial transactions.”

The consortium’s creation comes when demand for Bitcoin in South Korea has risen and the country’s regulators are eyeing new Bitcoin regulationsin 2017. The government has also pledged $2.65 billion in funding through 2019 to help develop its own FinTech sector. 

 

About Richard Kastelein

Founder of industry publication Blockchain News, partner at ICO services collective CryptoAsset Design Group (helped raise over $200m+), director of education company Blockchain Partners (Oracle Partner) and ICO event organiser at leading industry event  CryptoFinancing (first ICO event in Europe) - Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of half a dozen Blockchain startups and has written over 1200 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat.
 
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London, Manchester, Minsk, Nairobi, Nanchang, San Mateo, Shanghai,Tel Aviv and Venice. His network is global and extensive.
 
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com and his work and ideas have been translated into Dutch, Greek, Polish, German and French.
 
A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world.
 
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, "The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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