South Korean experts in the field of blockchain will create 24 August a new organization called “the Legal community is blockchain” (the Blockchain of the Law Society) to explore the legal aspects of applying the technology of distributed databases in business.
In addition to addressing the legal issues, the company will facilitate the collaboration of enterprises from different spheres of activities for the development of applications based on blockchain technology in computer engineering, Economics, logistics and many other commercial areas. The organization will be invited prosecutors, judges, professors of higher educational institutions and experts in the blockchain industry for research and development of optimal regulatory measures, aimed at the development of crypto-currencies and decentralized applications in South Korea.
The government has provided $918 million for the creation of innovative solutions in the field of blockchain and artificial intelligence. The Ministry of science has launched several educational programs on blockchain technology on the basis of Korean educational institutions. The transport company has successfully completed testing of a blockchain system developed by company Samsung SDS to track the import and export of goods! Financial Supervisory service appreciates the value of the blockchain for the country’s financial system and therefore proposes to apply this technology in the field of stock trading.
All these facts together confirm the intention of South Korea to become a world leader in the industry of cryptocurrencies and the blockchain. They will have to compete with China, which also drew attention to the technology of distributed databases and wants to develop decentralized applications on an industrial scale.