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South Korea to launch full-scale blockchain pilot project this year

The financial authorities of South Korean have announced during a fintech meeting that it will launch a full-scale pilot project on blockchain-powered financial services this year, Korea Herald reported.

According to Jeong Eun-bo, vice chairman of the Financial Services Commission who presided the fintech meet, the country has planned to embark on a pilot project in earnest this year. South Korea, which is known for its information and communication technology (ICT) prowess, has accelerated its drive for capitalizing on the new platform.

"Blockchain technology has great potential to be used in finance and various other fields. 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,” Jeong said.

Last month, South Korea created a government-civilian consortium on blockchain that involves 16 local banks and 25 brokerage companies. The country’s banking industry has planned to study on how customers can use blockchain technology in changing banks that are designated for foreign exchange transactions without documents and complicated procedures.

Jeong also mentioned within the financial investments, investors can do away with login and authentication procedures that are time-consuming in terms of accessing the mobile trading systems of securities firms. He added that the blockchain revolution is said to be the equivalent of the Internet revolution that was seen in the 1990s.

The country’s equity marketplace Korea Exchange is also seeking to explore the potentials and applications of blockchain technology to OTC stock trading.

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April 26 15:00 UTC Released

USKC Fed Manufacturing

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33 Mln

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20 Mln

April 26 15:00 UTC Released

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26 Bln USD

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17 Bln USD

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January 22 19:00 UTC 135379135379m

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-1541 %

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2016 bln ARS

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Bln AR bln ARS

January 22 19:00 UTC 135379135379m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 123559123559m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 123559123559m

ARAnnual Primary Balance*

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Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 123559123559m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

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Bln AR bln ARS

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