South Korea to create blockchain-driven free trade zone

The South Korean government issued a permit to create a free trade zone for industrial hemp, the activities of which will be fully controlled with the help of blockchain.

Governor Lee Chul-Wu said that by introducingadvanced technologies in Gyeongbuk province, a specialized industry-specific interaction model will be formed that will affect agriculture, bioproductory and pharmaceuticals.

According to him, the system will be based on an unnamed blockchain platform that will provideInspection Solutionsproduction, product classification according to quality level, place of origin and final destination. The launch will take place only after creating the necessary infrastructure.

The officials decided to use the new formatmanagement due to strict laws in relation to narcotic raw materials. Until the recent softening of the legal framework, hemp could only produce textiles and seeds in South Korea. Now the authorities want to create a market for valuable biomaterials and medical marijuana.

The country's government intends to actively integrate blockchain into other sectors of the economy, as it believes that now is the "golden time" for the development of this technology.

</p>