Efficient digital commerce involves blockchain and AI technologies

The South Korean government intends to set up a digital trading platform to reduce trade costs by using blockchain technology.

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1 Efficiency of digital commerce

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On October 14, South Korean Finance Minister Hong Nam-ki presented the Digital Commerce Development Plan. According to the plan, technologies such as blockchain, big data and AI will be applied to streamline digital commerce and the entire Korean commercial finance ecosystem by 2021.

The minister said:

“We will build a digital trading platform that can be easily and conveniently used in all export stages, such as contracts, customs and logistics.”

The transition could be completed by 2021, while currency transactions will be completed using the technology in a few months.

As regards financing the trade, the relevant documents will be distributed on the blockchain so that they can be accessed by financial institutions, while export bonds will be available in the same way, so that banks can check duplicate emissions.

Efficiency of digital commerce

Also, the Korean government has set up a foundation dedicated to digital commerce, with the aim of promoting exports based on online platforms. It aims to reduce by more than 90% the time and costs of commercial finance.

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Deputy Trade and Industry Minister Chung Seung-il added that these initiatives are focused on promoting South Korea in the global digital commerce market. It will also modernize its online export support systems, adding:

“We will make trade more convenient by integrating and providing trade information and export support services to governments and trade organizations.”

In September, Union Mobile, South Korea’s fourth largest mobile operator, announced the launch of its blockchain project called ELYNET. The project aims to use blockchain technology to make telecommunications more efficient for those users who rely on a single carrier for telecommunications services and to allow customers to use data communication services free of charge and roaming contracts.