South Korean experts on the blockchain technology and related laws will launch the Blockchain Law Society on Friday with an aim to create a proper regulatory framework for the decentralized database system and cryptocurrencies.

The organization consists of judges, lawyers and cryptocurrency experts “to study blockchain technology in legal aspects” and “promote interdisciplinary collaborations between diverse areas, such as economics, computer engineering, field business”, according to its press release.

The official launch event will be held at the Seoul Central District Court on Friday, and 12 research projects will be made public at a separate session. The body’s online platform will also be demonstrated during the event.

Blockchain is a key technology for digital currencies to share data across a peer-to-peer network.

By Hwang Soon-min and Lee Ha-yeon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]