South Korea plans to bring Trade Finance on the Blockchain by 2021. According to an Oct 14 press release, South Korea’s Finance Minister, Hong Nam-ki announced the blockchain transition. A council will be organized for this. It will include banks, banking & trade associations, and the Korea Trade Network (KTNet). The trade finance related documents will be shared on Blockchain. The council will analyse the documents for transparency.
Nam-ki also plans to build a digital trading platform to streamline logistics-related trading activities. Furthermore, the Korean Government has initiated a digital trade foundation. This will reduce trade finance related costs by 90%.