Korean Blockchain Consortium ft. 27 firms
A new Korean Blockchain Consortium has been created by 27 firms and startups with the goal of developing tools to manage trade financial processes.
This Korean Blockchain Consortium is composed with both major companies of the financial sector and technology startups.
According to The Loop startup the Korean Blockchain Consortium was born for this reason:
“Beyond providing the blockchain-based authentication and information sharing system, we collaborate with other technology providers on developing a prototype for financial services in areas of securities trade and post trade, the prototype that is to reduce the cost and operational risk in trade finance and ultimately improve trade efficiency”.
The Korean Blockchain Consortium includes Daishin Securities, Dongbu Securities, Yualta Securities Korea and Kiwoom Securities.
Some of these members have already worked in the blockchain field with regional startups.
The blockchain project was organized by the Korea Financial Investment Association, or an industry trade group based in South Korea.
This is the second blockchain-related project born in Korea and its creation last week comes after another news about the formation of a consortium spearheaded by the South Korean government.
Also, in October the East Asian government started to create its public-private consortium supported by the most important banks in South Korea and their major regulator, or the Financial Services Commission (FSC).
“With the creation of the consortium, momentum is expected to start for spreahading the development of technology and service in the blockchain field, rather than passively following the footsteps of advanced nations,” explained Kim Yong-beom, chairman at Financial Services Commission.
The government consortium aims at creating a new task force to regulate the technology in the banking sector.
To read more news related to the Korea effort in the Blockchain sector, click here.
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