Business

Steve Kaaru

South Korea announces follow-up study group for blockchain regulations

South Korea will run a follow-up study group for blockchain regulations, the country’s Ministry of ICT has announced. Known as the Blockchain Regulation Improvement Study Group, its aim will be to assist in the formulation of blockchain regulations in the country. Through the initiative, the government intends to encourage the development of blockchain technology in the country, especially for enterprise use.

According to a report by Yonhap News, the group is one of a number of measures put in place by the government in 2018. It was put in place in June as part of the blockchain development strategy. Other than researching on the challenges that affect blockchain development in the East Asian economic giant, the group was charged with the preparation of a plan that will foster cooperation between the government and the blockchain industry.

The group has conducted research on a number of areas including the development and implementation of smart contracts and digital privacy on decentralized platforms. It also researched digital identity and the application of distributed computing systems.

In its second phase, the group will select five industries which blockchain technology could have the biggest impact on. They are logistics and distribution, finance, healthcare, energy and public services.

In healthcare, the group will explore the development of blockchain-based health record service which will improve the exchange of medical information between the individuals, the hospitals and the insurance companies. In finance, the development of a blockchain-based authentication service will be the key area of focus.

In the country’s capital city of Seoul, blockchain integration has already begun. According to a report by a local publication, the city will rely on blockchain technology to collect and store data which will enable it to offer new services such as easy access to administrative services.

South Korea’s Financial Services Commission has also been playing its part in fostering blockchain growth. As we reported earlier this month, the FSC admitted nine blockchain firms into its regulatory sandbox. The sandbox will allow these companies to develop new and innovative products under relaxed regulatory requirements.

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