South Korea Plans to Launch a Full-Scale Pilot Project on Blockchain-powered Financial Services

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South Korea’s financial authorities on Tuesday announced a plan to launch a full-scale pilot project this year on Blockchain-powered financial services.

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A government-civilian consortium on Blockchain was created last month. It involves 16 local banks and 25 brokerage firms.

“It plans to embark on a pilot project in earnest this year,” Jeong Eun-bo, vice chairman of the Financial Services Commission, told the Korea Herald.

“The banking industry plans to study ways that customers can use Blockchain technology in changing banks designated for foreign exchange transactions without documents and complicated procedures.”

“Within financial investment circles,” he added. “Investors will be able to do away with time-consuming login and authentication procedures in accessing the mobile trading systems of securities companies.”

The Korea Exchange, the country’s sole equity marketplace, also has been seeking to apply Blockchain technology to OTC stock trading.

Jeong pointed out that the “Blockchain revolution” is said to be the equivalent of the “Internet revolution” in the 1990s.

“Blockchain technology has great potential to be used in finance and various other fields,” he said. “Since South Korea has the world’s top-level ICT technology, it will be able to lead the international trend in the Blockchain sector if the government, related industries and experts pool their wisdom.” 

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  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 in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

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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