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South Korea considers a free trade zone under blockchain

July 8, 2020

Andong, a city in Gyeongbuk Province, South Korea, announced on July 7 that they had been given permission to operate a free trade zone for industrial hemp (cannabis). They also announced that they will manage their operations through a blockchain-based platform.

According to Newspim, the governor of Gyeongbuk, Lee Chul-woo held a press conference to reveal the city’s permit and allow them to manage the “Hemp Free Industrial Zone”. The goal of this area is to present a new model of specialized regional industries using intelligent agricultural and high-tech solutions for the bio-industry.

Monitor industrial hemp production with blockchain

The government eased the provisions of a 70-year-old narcotics law to allow industrial cannabis production in certain areas. All operations are managed by an unnamed blockchain platform, which is expected to start after the infrastructure in Gyeongsan’s free trade zone is complete.

South Korea considers a free trade zone under blockchainSouth Korea considers a free trade zone under blockchain

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

The blockchain-based platform offers solutions for tracking production lines and classifies products according to quality, origin and final target categories.

Lee commented on the project:

“This special regulatory zone has a different specific meaning than the existing special zone, because it seeks a rational industrialization plan for narcotics. We will continue to grow so that the company can write a new story that is crowded. “

Latest developments in the introduction of blockchain in South Korea

in the Busan, A public-private consortium in South Korea announced its intention to build a blockchain-based platform for medical tourism. There is currently no publication deadline.

Cointelegraph reported that South Korea’s second largest city has also launched an identification app that uses a public blockchain to verify citizens’ information. The app was developed by Coinplug, a Korean startup that works in the regulatory sandbox of Busan’s unregulated blockchain zone.