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Korean Government Explores Blockchain Technology For Logistics Innovation In Port Of Busan
Twelve years later, the world looks to the future, paying close attention to the application and development of blockchain technology. The US government, for instance, has taken rather a shine to blockchain, undertaking several blockchain exploration and application projects on a broad and deep scale, including for purposes of government procurement, contract reviews, governmental data protection, and distributed network security.
The European Union EU is also seeking to push blockchain legislation through its national parliaments, and to introduce policy surrounding the use and applications of the security technology it provides across its member states. In April , 22 out of 27 European Union countries, including the UK, France, Germany, Norway, Spain and the Netherlands, signed a statement announcing the establishment of a new European blockchain partnership.
Chinese government policy has already expressed strong support for the application of blockchain technology to serve the Chinese economy. Recently, China has begun to set up a national standard for blockchain to promote the construction of a national blockchain standard system, which is expected to be completed by the end of In addition to Bitcoin, blockchain technology in Japan has many application cases in other industries, such as real estate deposit certificates, identity authentication, supply chain finance, clearing and settlement.
Log into your account. Password recovery. Markets News Uncategorized. Two government ministries in South Korea have just launched a blockchain pilot for port logistics innovation. According to the press release, the Ministry of Oceans and Fisheries in collaboration with the Ministry of Science, Future Planning and ICT, will be exploring the efficiency of blockchain technology in the container shipping market of South Korea.
The goal is to make the process more efficient. The pilot will last for 12 months and would be done in the port of Busan. This is the largest port in the country. After the pilot, the government will determine if blockchain technology can be used to increase transparency in the logistics industry successfully or not. It will also be used to streamline the administrative processes during import and export as well as enable more real-time sharing of data.
The two ministries involved in the project have reportedly been working on it since the beginning of the year. The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility.
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Recently, China has begun to set up a national standard for blockchain to promote the construction of a national blockchain standard system, which is expected to be completed by the end of In addition to Bitcoin, blockchain technology in Japan has many application cases in other industries, such as real estate deposit certificates, identity authentication, supply chain finance, clearing and settlement.
The South Korean government has been highly influential within the development of blockchain technology across Asia, embracing digital currencies as new pillars of financial security — the second most-used currency in South Korea today is Ethereum, the second-largest cryptocurrency by market share. The Bank of Korea KOB reported that the potential risks of digital assets to domestic financial institutions are relatively limited, provided there is some degree of regulation, and the cryptocurrency market will not pose a threat to traditional local financial markets due to its far-removed nature from traditional financial methods.
In order to promote the development of the blockchain industry, the South Korean government has provided significant support. It is worth noting that the South Korean government recently announced a plan to revise its current tax policy to expand benefits and implement tax breaks for companies focused on developing emerging technologies such as blockchain, an initiative undoubtedly designed to promote innovation and development of blockchain projects.
Gyeongsangbuk-do province is at the centre of this blockchain-based invigoration of the South Korean digital economy.
South Korea Accelerates Blockchain Industry Development by Establishing Blockchain Committee
White to Black Standard. Follow us. Login Register. MENU Close. Click to Download. Digital India. Facebook Twitter. See Details Hide Details. New Comments. Sort by Comment Date. Order Oldest Recent. What's new. It is safe to say that in , we know that Blockchain technologies have a lot more potential than just being a cryptocurrency. Some of the main key features of Blockchain include security, immutability, efficiency, cost-saving, and most of all decentralization.
Korean Banks are forming their own research and development sectors, as well as, investing in Korean startups based on Blockchain technologies. In addition, there is news every other month about Korean banks partnering with tech companies that use Blockchain.
Here is a comprehensive list of Korean Banks that are using or looking into Blockchain technologies. The service aims to offer a faster and more secure form of transactions through its monitoring system. Blockchain technology will be used to help fight against double transactions and malfunctions.
The service is currently being tested by IBK and its technology demonstration laboratory. They plan to commercialize the service at some point in They plan to create a supply chain operating system to improve the operation of SMEs and startups.
Their aim is to authenticate identities and products via Blockchain technologies. Furthermore, they want to provide real-time information remotely and speed up approvals of contracts and settlements. They will work together to develop payment services and financial products. R3CEV focuses on R3 which is a Blockchain developer that is developing and testing systems that can apply Blockchain technology to financial services.
They have been working together to promote financial API and Blockchain use cases through Blockchain technology research, open seminars, and hackathons. Their app lets users get notifications on bills related to national taxes, fines, utility bills, credit cards, and insurance premiums.
The app allows for quick and easy payment because it uses the main features of Blockchain technology. This allows it to be not only transparent but also fight against forgery. Therefore they are now able to manage identity authentication and protect individuals from the hacking of personal information.
This new consortium will look to develop digital asset-based financial services. The Korean government has introduced a permit system for cryptocurrency exchanges. To maintain a permit, cryptocurrency exchanges will have to report their operations to the Financial Intelligence Unit after getting real name-verified accounts from commercial banks in Korea.
Their parent company Nonghyup Financial Group also opened up the biggest innovation campus fintech center. It houses over 30 startups that are looking to develop and commercialize their own business ideas, using technologies such as AI, Big data, and Blockchain technologies.
GLN is a global finance platform that allows banks, payment service providers, and distributors to collaborate so they can freely settle funds and send money. KEB Hana Bank will be able to share distributed ledgers, clear accounts, and send money easily and safely through the Blockchain.
They are a part of the Technology and Service Alliance. KEB Hana Bank is focused on becoming more of a data company than a traditional commercial bank in They are aggressively looking into the development of digital technologies such as big data, AI, and Blockchain technologies.
In addition, they will share Blockchain-based data and develop Blockchain-oriented financial services and products. The first project is to apply Blockchain technology to the issuance of new student identification cards.
They have already filed over 45 Blockchain technology patents to date. Busan Metropolitan City has come out with a city Blockchain-based local currency called Dongdaekjeon.
It is issued by the Busan Metropolitan City and users will be able to recharge their Dongbaekjeon card with the Dongbaekjeon mobile app or at service counters at Hana Bank or Busan Bank.
Therefore this platform will do anyway with cash payments as well as credit card payments. They partnered with Atomrigs Labs in Atomrigs Labs is developing a system that secures digital assets using MPC technology.
KB Kookmin Bank will work with Atomrigs Labs to launch a digital asset custody offering, explore digital asset management and protection solutions. In addition, they are a part of the Technology and Service Alliance. It will allow users to pay with tokens on their smartphones without cash or a bank card. Therefore they will be allowed to trade, consult, and manage digital assets such as Bitcoin and Ethereum.
This means that KB Kookmin will at some point launch a subsidiary brand to offer financial services and products that receive and manage virtual assets in investment funds. They will work together to create a private key management system PKMS for their banking services.
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Follow us. Login Register. MENU Close. Click to Download. Digital India. Facebook Twitter. See Details Hide Details. New Comments. Sort by Comment Date. Order Oldest Recent. What's new. Mentoring Young Authors. The Bank of Korea KOB reported that the potential risks of digital assets to domestic financial institutions are relatively limited, provided there is some degree of regulation, and the cryptocurrency market will not pose a threat to traditional local financial markets due to its far-removed nature from traditional financial methods.
In order to promote the development of the blockchain industry, the South Korean government has provided significant support. It is worth noting that the South Korean government recently announced a plan to revise its current tax policy to expand benefits and implement tax breaks for companies focused on developing emerging technologies such as blockchain, an initiative undoubtedly designed to promote innovation and development of blockchain projects. Gyeongsangbuk-do province is at the centre of this blockchain-based invigoration of the South Korean digital economy.
This major event shows how South Korea is beginning its efforts in earnest to develop a more inclusive and technology-oriented market for digital currency and blockchain projects, as well as for broader financial technology projects, and by helming these projects has cemented their place as a key nation of cryptocurrency early-adopters.
He pointed out that the development of blockchain relies on the efforts of the political, academic and business communities, asserting that traditional industries in Korea, such as skin care, have always been at the forefront of innovation, ahead of Western competitors, and, with blockchain, rather than be badly hit, will flourish just as rapidly as before.
At the same time, blockchain serves as a clear method to combat the problem of counterfeit goods, which is a particular pain point for the cosmetics industry, causing harm not only to consumers, but also to industry and brand trust.
The regaining of consumer trust by eradicating this problem entirely is perhaps the biggest reason why LINFINITY has such an interest in the healthcare and cosmetic industry. Media Contact Company Name: Blockcast. Skip to content Since the beginning of , blockchain technology, and its embedded concepts, have been held in high regard by global economic markets, with countries around the world competing to conduct meaningful and commercially-applicable research and development into the emerging technology, which is widely touted as a leap forward from traditional computational models, security, and network architecture.
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Gyeongsangbuk-do province is at the centre of this blockchain-based development of the South Korean technology economy. Korea Electric Power Corporation — Signed a contract with two power suppliers in Korea to establish a Blockchain-powered system for transacting renewable energy certificates. Activity :. It is the testing ground for a blockchain technologies like 5G strategy self-driving cars. Funds korea further be allocated to blockchain research projects, infrastructure development, a blockchain technical support center and sandbox, blockchain technology development strategy korea, as well as to reviewing legal issues specific to smart contracts. It was created by partnering with SK Telecom.
Why is South Korea so rich? - South Korea's Economy
To reset your password, please enter your blockchain address below. It is safe technology say strategy inwe know that Blockchain technologies have a lot more potential than just being a cryptocurrency. The Development bank that is able to incorporate Blockchain technology will be able to lead the way in innovation in the korea industry which is already ahead of most of the world. Login Register. Cryptocurrency News.