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South Korea (FSS) has backed use of blockchain technology

South Korea (FSS) has backed use of blockchain technology

August 6, 2018 12:12 pm,

Korea Joongang Daily was the first publication to report, the FSS (Financial Supervisory Service) has advocated the use of blockchain for stock trading in a report focused on the subject released on 2nd August, Thursday. The FSS called on the country regulatory agencies and firm to become one to develop and work an integrated blockchain system that nullifies the use of a conventional centralized ledger and system to track the transaction. But, when compared to conventional systems, the blockchain technology promises safer and tamper-proof ledger to track transactions. The blockchain technology ensures this by hosting a copy of ledgers at all devices connected to its network.

The FSS report suggested that conventional transaction systems are centralized record keeper is riddled with inefficiencies to hacking attacks and vulnerabilities. The FSS is continuously researching the use of blockchain technology among different stock exchange transactions in several countries including the United States, Australia, and Japan.

It was reported by the local newspaper and FSS that, the Australian Securities Exchange (ASX) – Australia’s largest stock exchange – will become the world first major exchange operator to implement blockchain technology for its settlement system and clearing with a planned rollout in 2020. If that is done then, the ASX is replacing its existing post-trade system that has been operational for the last 25 years.

World second largest stock exchange Nasdaq in the United States has already launched the Linq, a blockchain platform that enables private companies to trade their shares on the platform. JPX is one of the largest stock exchange operators in Asia, it has established a research blockchain applications and has since received a regulatory green signal from Japan financial regulator to use its decentralized technology for code driver and trading.

The enforcing authorities, regulators and financial industry have to come together and work for developing a blockchain stock trading platform, an excerpt from the FSS reported saying, there should be no barrier in developing a blockchain system between private companies and public institutions.