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South Koreans Launch New National Blockchain Consortium

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. 


Richard Kasteleinhttps://www.the-blockchain.com
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, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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