The South Korean government is planning to establish a digital trade foundation to reduce the costs of trade by using blockchain technology.
Reduce trade costs by more than 90%
On Oct. 14, South Korean Finance Minister Hong Nam-ki introduced the country’s Development Plan for Digital Trade. Under the plan, technologies such as blockchain, big data and AI, will be applied to digitize the entire Korean trade finance ecosystem by the year 2021. Finance Minister Hong Nam-ki reportedly said:
“We will build a digital trading platform that can be easily and conveniently used in all stages of export, such as contracts, customs and logistics.”
The Korean government also established a digital trade foundation, with the aim to promote e-commerce exports and reduce time and cost related to trade finance with more than 90%.