South Korea Considers Blockchain-Run Free Commerce Zone

Andong, a metropolis within the Gyeongbuk province of South Korea, introduced on July 7 that they’ve been granted a allow to function a free commerce zone for industrial hemp. They moreover introduced that they may handle their operations by means of a blockchain-based platform.

According to Newspim, Gyeongbuk’s governor, Lee Chul-woo, held a press convention to disclose the allow granted to the town, permitting them to run the “Particular Industrial Hemp Free Zone.” This zone goals to current a brand new mannequin of regional specialised industries by implementing good farming and high-tech bioindustry options.

Overseeing the economic hemp manufacturing with Blockchain

The federal government eased the phrases of a 70-year-old narcotics regulation to permit for the economic manufacturing of hashish in particular areas. All operations shall be dealt with by the unnamed blockchain platform, which is anticipated to launch after the infrastructure within the Gyeongsan’s free commerce zone is accomplished.

Beforehand, the present hemp trade solely allowed for textiles and seeds. The brand new designation will enable the economic space to create a excessive worth biomaterials market by means of the industrialization of medical hemp.

The blockchain-based platform will present manufacturing line monitoring options, classifying the merchandise by classes of high quality, origin, and ultimate vacation spot.

Lee commented concerning the undertaking:

“This particular regulatory zone has a particular that means completely different from that of the present particular zone in that it seeks a rational industrialization plan for narcotic medicine. We are going to develop extra in order that the corporate can write a brand new historical past overflowing.”

Newest blockchain’s adoption developments in South Korea

In Busan, a private-public consortium in South Korea announced its intention to construct a blockchain-powered medical tourism platform. No deadline for the launch is at the moment set.

Cointelegraph reported that the second-largest metropolis in South Korea has additionally launched an identification app that makes use of a public blockchain to confirm citizen info. The app was developed by Coinplug, a Korean startup working throughout the regulatory sandbox of the Busan blockchain regulation-free zone.

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