The South Korea’s financial authorities have announced during a Fintech meeting that it will launch a large-scale pilot project on Blockchain-sponsored financial services this year.
Last month, South Korea created a blockchain government-civilian consortium involving 16 local banks and 25 brokerage firms. The country’s banking industry has planned to study how clients can use blockchain technology in changing banks that are designed for undocumented currency transactions and complicated procedures.
This background together with the desire to continue innovating and growing in the financial and technological system have been the key for the country to continue studying different technological ideas to present. According to Jeong Eun-bo, the Financial Services Commission Vice President that chaired Fintech, the country plans to start a pilot project this year. South Korea, known for its information and communication technology (ICT) skills, has accelerated its campaign to capitalize on the new platform.
Jeong also mentioned within financial investments, investors can end up with login and authentication procedures that consume a lot of time in terms of access to the mobile trading systems of stock companies. He added that the Blockchain revolution is said to be the equivalent of the Internet revolution that was seen in the 1990s.
“Blockchain technology has great potential to be used in finance and various other fields,” he said. “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.
Korea Exchange, the country’s stock market, is also trying to explore the Blockchain technology potential and applications for OTC stock trading.
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