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KTNET Promotes Blockchain-Based Digital Trade with POSCO International

Signed an MOU for Digital Trading Cooperation Project

Digitalization of payment, linkage of logistics information, etc.

<Caption: Young-hwan Cha (right), CEO of KTNET, takes a commemorative photo after signing an MOU with Si-bo Joo, CEO of POSCO International, to promote digital trading cooperation projects.>

Korea Trade Network (KTNET), a subsidiary of the Korea International Trade Association, and POSCO International announced on the 28th that they had signed an MOU to promote digital trading cooperation projects.

At the signing ceremony held at the POSCO Tower in Yeoksam-dong, the two companies decided to cooperate with each other for the digitization of export payment procedures; linkage and utilization of digital logistics information; and promotion of blockchain-based digital trading. With this MOU, KTNET and POSCO International plan to digitize the trade process for quick trade processing and jointly link POSCO International’s ERP system with KTNET’s digital trade and logistics platform.

POSCO International is expected to save on costs and time through digital conversion of the trade business through blockchain technology and to track ships and cargo by linking digital logistics information such as shipment requests and bills of lading.

KTNET is also expected to expand its business lines as it is possible to develop new blockchain-based trade and logistics services in which companies directly participate. KTNET plans to provide customized logistics information services such as cargo location tracking along with the digitization of foreign currencies and payment documents.

CEO Cha said, “KTNET and POSCO International have a common goal of digital transformation of the trade business. With this agreement, both companies plan to share their resources and know-how and cooperate in providing a higher level of digital trade and logistics platform services that incorporate new IT technologies such as blockchain and AI.”