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New Korean Blockchain Consortium Launched

A group of companies in South Korea have joined forces to launch a new blockchain consortium, in a move that could be significant in the development of commercial applications for blockchain technology.

The collective of 27 organizations, comprising tech companies, finance companies and blockchain startups, has come together to work on trade financing tools and applications. Using the distributed ledger, the technology behind bitcoin, the group is hoping to explore new uses for the technology, to the benefit of wider industry sectors.

With so many diverse organizations coming together to work on the project, analysts are projecting the results could help profoundly reshape commercial finance.

Blockchain startup The Loop is one of the companies involved in the project. A spokesman from The Loop said that the project could result in a viable prototype infrastructure, with the potential to significantly reduce operational risk and transaction cost in the financial industry.

“Beyond providing 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," said KJ Eee, CEO of The Loop.

Comprising the group are a number of companies with prior experience in these types of applications, including several with their own applications already in development, including Daishin Securities.

With the help of the Korea Financial Investment Association, these companies have come together to form one of the biggest blockchain consortiums in the world, sharing knowledge and expertise in helping take the technology further.

The consortium arrangement is the second type of cooperation of this kind in South Korea, building on work between the country’s leading banks and the financial regulator, the Financial Services Commission.

With the force of government backing, and much of the financial industry already examining commercial applications for the distributed ledger, South Korea looks likely to remain at the forefront of developments in the blockchain over the near-term future.

It is hoped that with the full effort of dozens of businesses collaborating on the technology, financial settlement and banking infrastructure in South Korea could become one of the first in the developed world to fully utilize the advantages of the distributed ledger.