On December 7, 21 financial institutions and five blockchain companies signed a memorandum of understanding to develop collaborative projects and share all the expertise available with blockchain technology in the framework of the creation of South Korea's first distributed ledger consortium.
The consortium led by the Korea Financial Investment Association (KOFIA) is part of an initiative of the South Korea Financial Services Commission (FSC), a state agency that is committed to block innovation through the creation of a laboratory of ideas where members can investigate the use cases of the blockchain directed by the information technology committee of KOFIA. KOFIA is a non-profit organization that since 2009 has been dedicated to self-regulation, market management and the improvement of the investment culture.
In the presentation of the consortium it was established that initially the alliance will train its members in the matter of distributed ledger, while in parallel and according to the roadmap for 2017, the goal will be to achieve blockchain solutions for personal authentication. Subsequently, in 2018 or 2019, they aspire to start working on solutions for the automation of clearing and settlement transactions. And by 2020 they expect to focus on the over-the-counter market.
With this announcement South Korea officially joins the Asian nations that have decided to push with all possible tools and advantages to the development of blockchain financial technology in the Asian continent, although they have previously announced other important efforts in this regard.