Kyrgyzstan takes on the challenge of transforming the middle course by using emerging technologies and working together with global agencies and regional players.
The head of the Economic Ministry and the representative of the United Nations Center for Trade Facilitation and Electronic Business (UN/CEFACT), Nurbek Maksutov, revealed plans to digitize the Middle Corridor, a trade route that connects Central -Asia and Europe that offers an alternative to longer zeroutes.
In his keynote speech during a high -level World Trade Organization (WTO), Maksutov revealed that the focal point of the plan will improve digital trade in the hallway. He emphasized various policy recommendations to members of the UN who formed the core of the corridor.
The ambitious project will start with analyzing the current problems that influence digital trade along the corridor. Maksutov confirms that the infrastructure remains an important challenge. Because he is largely determined without access to shipping routes, he notes that infrastructure for data exchange and transit procedures is central to digitization plans.
For Maksutov, the easiest step before the middle corridor takes over the data exchange standards recommended by UN/Cefact. A combination of harmonized data standards will improve cross-border transactions in Central Asia and at the same time improve the situation for small and medium-sized companies in the region.
During the WTO meeting, the International Trade Center (ITC) unveiled a plan to improve existing cooperation between the European Union and Central Asian countries through the middle corridor.
With global digital transformation -collection Steam collection, the acceptance of emerging technologies also gains ground, and it is not impossible for Kyrgyzstan to accept it in its middle gait ambitions. Blockchain technology and smart contracts belong to those who can be considered to follow freight and compliance purposes, while artificial intelligence (AI) and the Internet of Things (IoT) can eliminate unforeseen disruptions of the supply chain.
With regard to the infrastructure, the Member States of the middle course may have to issue a fortune on 5G and cloud connectivity to fill the push to full scale -regional digitization.
On the home front, Kyrgyzstan embraces emerging technologies and focuses on blockchain to improve the efficiency of processes. The Central Asian nation goes further in the direction of a Central Bank Digital Currency (CBDC), the Digital Tenge, while also issued licenses for digital currencies and regulating Bitcoin mining activities.
Kazakhstan, an important hub in the middle corridor, is the leader of the region in Blockchain, with a series of educational initiatives launched to deepen his talent pool.
South Korea’s National rollout of Digital IDs
Elsewhere in Asia, Zuid -Korea completed the commercial launch of its digital identity cards for both residents and foreigners, with the last phases taking place in the cities of Seoul, Gwangju and Busan.
The digital IDs are essentially digital versions of previously published national IDs, but with extra functionalities, including Near-Field Technology (NFC), so that users can spend their digital IDs by tapping their maps on their maps. A Ministry of the Interior and Security Statement revealed that digital IDs depend on blockchain for coding and data storage.
“A user is limited to one mobile ID on one smartphone on his or her name, and biometric verification is required to prevent identity theft,” the ministry said. “A user can immediately call his or her telecommunications service provider to end the Digital ID in the case of a lost smartphone.”
New National ID issues contain a digital version for mobile phones. The Ministry stated that these digital IDs will have the same legal validity as traditionally published ID cards.
The latest digital IDs are used for identification purposes and to access public functionalities. Digital IDs holders can also use them to open bank accounts and to communicate with local financial services. This initiative has received support from leading financial institutions in South Korea, including Shinhan Bank, Keb Hana Bank, Busan Bank, Jeju Bank and Jeonbuk Bank.
Different banks want to recognize digital IDs for foreigners. The report states the Industrial Bank of Korea, Kookmin Bank and Woori Bank as potential financial institutions in the first group.
In other developments, Authentication Platform Raonsecure has rolled an Omnione Badge for Korea University, which makes Digital Badge issues facilitated for students. On the other hand, HandCwITH pushes the boundaries of biometrics with the rollout of an artificial intelligence (AI) solution for the local health care sector.
Recent stripes of South Korea are intended to digitize industries that have largely remained unchanged for decades. Apart from the blockchain-driven digital IDs, South Korea sees the launch of a Central Bank Digital Currency (CBDC).
The country is experimenting with digital payment vouchers to replace physical vouchers of paper and plastic. While Blockchain is the core of the digitization drive of South Korea, the country sinks up to $ 7 billion to integrate AI into its initiatives.
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