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Thursday, May 6, 2021
Home News South Korea Plans to Launch a Full-Scale Pilot Project on Blockchain-powered Financial...

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

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

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.” 

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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