The South Korea government is planning to move its Finance to Blockchain to reduce the cost of trade according to a local news <a href="https://translate.google.com/translate?sl=auto&amp;tl=en&amp;u=https%3A%2F%2Fwww.yna.co.kr%2Fview%2FAKR20191013052000003">report</a>.

Moreover, South Korean Trade Finance minister Hong Nam-ki <a href="http://www.moef.go.kr/nw/nes/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&amp;searchNttId1=MOSF_000000000030235&amp;menuNo=4010100">introduced</a> the country’s Development Plan for Digital Trade on October 14. As per the plan, the government plans to apply technologies; such as Blockchain, big data and AI to digitize the entire Trade Finance ecosystem by 2021. The Trade Finance Minister said:

<strong><em>“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.”</em></strong>

In addition, the government established the digital trade foundation aiming to promote e-commerce; and cut time and cost related to finance trade with up to 90 percent. Vice Minister of Commerce and Industry Chung Seung-il said the initiative is focused on South Korea’s;  lead in the global digital trade market and upgrading the Korean online export support:

<strong><em>“We will make trade more convenient by integrating and providing trade information and export support services of government and trade organizations.”</em></strong>
<h2>South Korea’s Massive Adoption of Blockchain Tech.</h2>
In fact, South Korea has been strongly cementing its position as a global leader in Blockchain adoption. Its top conglomerates, LG and <a href="https://www.cryptoknowmics.com/crypto/samsung-set-to-launch-new-blockchain-friendly-kalytnphone/">Samsung</a> have established themselves as global brands in technology and electronics. These brands are challenging the likes of Apple and GE. With Blockchain becoming the all rage in technology, South Korea has made significant effort in adopting it.

In addition, South Korea has become a cryptocurrency hub. Its top two crypto exchanges, Upbit and Bithumb - are among the world’s <a href="https://coinmarketcap.com/rankings/exchanges/">top 25 exchanges</a>  and combine for a daily trading volume of above $200 million.

Furthermore, Union Mobile, the fourth largest carrier in the country launched its Blockchain project dubbed ELYNET. The project aims at making telecommunications more efficient using Blockchain technology.

South Korean Gov’t Aims to Move Trade Finance on Blockchain by 2021

The South Korea government is planning to move its Finance to Blockchain to reduce the cost of trade according to a local news report...%

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South Korean Gov’t Aims to Move Trade Finance on Blockchain by 2021

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