The report concluded that a tamper-proof blockchain-based system would increase the efficiency, integrity and security of tracking and storing transactions. The report added that existing conventional systems that use a centralized ledger are both less efficient and more vulnerable to hacks.
The report considered that blockchain applications in Korea are still at a relatively early stage, taking note of plans by the Korea Exchange’s KRX Start-up Market to implement the technology for transaction settling transactions of unlisted companies, as well as a blockchain trial project underway by the state-run Korea Securities Depository.
In July, it was reported that Korean regulators had pledged to introduce new legislation that would be conducive to blockchain investment, the same month as three Korean ministries were said to be working to produce the final draft of a comprehensive blockchain industry classification scheme for the country.
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