South Korea considers a free trade zone under Blockchain

 

Andong, a city in South Korea’s Gyeongbuk province, announced on July 7 that it had been granted a permit to operate an industrial hemp (cannabis) free trade zone. In addition, they announced that they will manage their operations through a blockchain-based platform.

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According to Newspim, the governor of Gyeongbuk, Lee Chul-woo, held a press conference to reveal the permit granted to the city, allowing them to manage the „Hemp Free Industrial Zone. The Hemp Free Industrial Zone aims to introduce a new model of specialized regional industries through the implementation of intelligent agricultural and high-tech bio-industry solutions.

Supervising industrial hemp production with Blockchain

The government softened the terms of a 70-year-old narcotics law to allow industrial cannabis production in specific areas. All operations will be managed by an unnamed blockchain platform, which is expected to be launched after the infrastructure in the Gyeongsan Free Trade Zone is completed.

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Previously, the existing hemp industry only allowed the production of textiles and seeds. The new designation will allow the industrial zone to create a market for high-value biomaterials through the industrialization of medical cannabis.

The blockchain-based platform will provide production line tracking solutions, sorting products by quality categories, origin and final destination.

Lee commented on the project:

„This special regulatory zone has a special meaning different from the existing special zone in that it seeks a rational industrialization plan for drugs. We are going to grow more so that the company can write a new history by overflowing“.

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Latest blockchain adoption developments in South Korea
In Busan, a public-private consortium in South Korea announced its intention to build a medical tourism platform based on blockchain. There is currently no deadline for the launch.

Cointelegraph reported that South Korea’s second largest city also launched an identification application that uses a public blockchain to verify citizen information. The application was developed by Coinplug, a Korean startup working within the limited regulatory environment of the Busan blockchain free zone.

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