The
South Korean government is planning to establish a digital commerce base to
reduce trade costs through the use of blockchain technology.
Reduce
commercial costs by more than 90%.
On
October 14, the Minister of Finance of South Korea, Hong Nam-ki, presented the
country's Digital Commerce Development Plan. Under the plan,
technologies such as blockchain, big data and AI will be applied to digitize
the entire Korean trade financing ecosystem by 2021. Reportedly, Finance
Minister Hong Nam-ki said:
We will build a digital commerce platform that can be used easily and conveniently at all stages of the export, such as contracts, customs and logistics.
The
Korean government also established a digital commerce foundation, with the aim
of promoting e-commerce exports and reducing the time and costs related to trade
financing by more than 90%.
The Vice
Minister of Commerce and Industry, Chung Seung-il, added that these initiatives
focus on South Korea's leadership in the global digital commerce market and the
improvement of the Korean online export support base, adding:
We will make trade more convenient by integrating and providing commercial information and export support services from government and trade organizations.
A South
Korean mobile phone operator in the blockchain
Cointelegraph
reported on September 11 that Union Mobile, the fourth largest mobile phone
operator 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 users who rely on a single operator for
the telecommunications service and allow these clients to use data
communication services without fees or roaming contracts.
SOURCE: Cointelegraph
