South Korea’s Financial Supervisory Service (FSS) has called on public and private entities to work together towards the establishment of an integrated blockchain system.
In a report released this Thursday, South Korea’s financial watchdog focused on the use of blockchain tech in stocks transactions by private and public entities across the world.
They argue blockchain tech can be quicker, more secure, and have more accurate records than traditional centralized systems which can be slow to settle, and can be vulnerable to hacks.
In their report, South Korea’s FSS said some stock operators are already moving forward on utilizing blockchain technology to issue stocks and to keep stock ownership records.
Such projects are at an early stage, but FSS noted that South Korea’s KRX Start-up Market is looking at utilizing blockchain tech for the trading of unlisted companies.
While South Korea’s Securities Depository is piloting blockchain tech for shareholder votings on the decisions of listed companies.
“There should be no barrier between public institutions and private companies in developing a blockchain system,” the Financial Supervisory Service said according to local media.
But what exactly FSS plans is unclear at this stage as there is no suggestion they themselves are to trial such public and private partnership by launching a blockchain project for the trading of financial instruments.