Korean Central Bank Launches Blockchain and AI Department

Korean Central Bank Launches Blockchain and AI Department

Blockchain
July 27, 2020 Editor's Desk
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South Korea’s central bank is stepping up its efforts in digitizing the economy, starting a new department devoted to developing technologies. The new department will concentrate on the blockchain, artificial intelligence, and other cutting-edge technologies. The Bank of Korea currently unveiled that it will be launching the ‘Digital Innovations’ department. As per a local outlet
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South Korea’s central bank is stepping up its efforts in digitizing the economy, starting a new department devoted to developing technologies. The new department will concentrate on the blockchain, artificial intelligence, and other cutting-edge technologies.

The Bank of Korea currently unveiled that it will be launching the ‘Digital Innovations’ department. As per a local outlet report in The News, the department will not only execute new digital technologies but also extend the current digital infrastructure. The department will have several teams that will concentrate on different sectors, including data service and innovation, the report states.

Nevertheless, the main focus will be on artificial intelligence and blockchain technology. The East Asian country has been a global leader in both blockchain adoption and regulation. A week ago, President Moon Jae-in unveiled a new blueprint for the country’s digitalization. Recognized as the Korea New Deal, it promised to channel $48 billion to the blockchain, AI, big data, and 5G technologies.

The Bank of Korea has also been performing its part in blockchain adoption. As it was reported in May, the regulator issued a report that unveiled it was eying a CBDC launch. While the report concentrated on overseas CBDC developments, it emits light on the possibility of similar developments in Korea, a nation that’s frequently turning to digital payments.

South Korea is also attempting to launch a blockchain-powered free trade zone. The country will be utilizing the technology to trace its hemp products along the production and supply chains. The blockchain push hasn’t been relegated solely to the government, with the private sector being at the forefront in blockchain innovation and adoption. One of the private sector leaders is Samsung Electronics, the world’s largest smartphone maker. Samsung’s blockchain solutions have enlarged to supply chain management, digital payments, decentralized identity, a blockchain infrastructure, and more. Other Korean companies championing blockchain adoption involve KT, SK Telecom, LG, and Kakao.

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