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South Korean Trade Finance To Be Out There On Blockchain by 2021

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%.

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Nidhi Kolhapur

Nidhi is a passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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