Graph Blockchain and Korean Trade Organization to Partner for KTNET Platform
Datametrex AI Limited has announced that its Joint Venture company, Graph Blockchain Limited (“Graph”) has signed a Memorandum of Understanding (“MOU”) with Korean Trade Organization, KTNET to develop and implement a blockchain-based electronic trade services platform for KTNET.
KTNET was established in 1989 by the Korean government and funded by the Korean International Trade Association (KITA). KTNET provides automation services for all the complex processes of export & import businesses through the establishment of paperless trade infrastructure, achieving economic effects that reach US $5.57 billion annually.
Through a trade system linking approximately 97,000 customers and trade-related organizations, including trading companies, banks, customs brokers, shipping companies, insurance firms, forwarders, and bonded storages, KTNET has digitized 614 types of export & import documents in the G2B and B2B sectors, and processes an annual average of 370 million cases of paperless documents.
Graph Blockchain is in the process of listing as a public company on the Canadian Securities Exchange, by way of a reverse-takeover, resulting in a pre-financing valuation of approximately $39 Million CAD. Andrew Ryu, Chairman & CEO of the Company says,
“This is a tremendous opportunity for Graph to partner with a government agency to develop the blockchain component for the automation of electronic trade in Korea. We look forward to finalizing the definitive agreement with KTNET as this will create a new international trading platform that Graph can build on.”
Graph was started as a joint venture formed between Datametrex, AI Limited is a technology focused company with exposure to four exciting verticals and Bitnine, with the mandate to bring the value of Graph Database technology to the blockchain environment where there is a great need to enhance performance and present the verified and authenticated data in unique ways.