S. Korea to launch consortium for blockchain project

All Headlines 17:00 November 24, 2016

SEOUL, Nov. 24 (Yonhap) -- South Korea said Thursday it will launch a government-civilian consortium on "blockchain" within this year for joint research and pilot projects.

Blockchain is a key technology for the digital currency bitcoin enabling data sharing across a network of individual computers. As a kind of distributed ledger, it records and tracks practically all bitcoin transactions.

The Financial Services Commission (FSC) presented a roadmap for the project in a meeting of the blockchain council, joined by representatives from the financial industry.

South Korea's 16 major banks are scheduled to set up a joint task force next Wednesday, followed by the participation of more than 20 brokerage firms here on Dec. 7, according to the FSC.

"With the creation of the consortium, momentum is expected to start for spearheading the development of technology and service in the blockchain field, rather than passively following the footsteps of advanced nations," Kim Yong-beom, head of the FSC's secretariat, said.