HJ Shipbuilding & Construction announced on Oct. 28 that it proposes the new direction for activating shipbuilding industry under the theme ‘Collaboration of shipbuilding industry and blockchain technology’ in BWB 2022 Conference(Blockchain Week in Busan) hosted by Busan Metropolitan Government.
BWB 2022 is the global blockchain event held in BEXCO for 3 days from Oct. 27 to 29 following NFT Busan 2021 held last year. NFT Busan 2021 was very successful with more than 10,000 visitors last year.
The presentation will be given by Vice President Yoo Sang-cheol of HJ Shipbuilding & Construction(HJSC). Vice President Yoo, the chief executive officer leading management and planning in HJ Shipbuilding and Construction, successfully completed financing by establishing the ship fund for the first time in Korea. Thus, Vice President Yoo is recognized as the experienced expert in both shipbuilding and ship finance field.
While shipbuilding industry ranked 5th among the export industries in Korea with export of 29.1 Billion USD in 2021, HJSC proposes the new direction of shipbuilding industry in Korea in blockchain era which focuses on the current status of shipbuilding industry in Korea facing diverse kinds of difficulties, practical financing approach of ship finance using Security Token Offering (STO) based on blockchain and innovation effects influencing on a wide range of front and rear industry.
STO is a digital token which is issued on the basis of traditional assets including business, real estate, artworks or securities. As discussion on the introduction of STO using blockchain technology is recently accelerated, STO is highlighted on the aspect that individuals or organizations can split ownership of a ship by tokenizing the rights on ships or other assets.
While ships were ordered to a shipbuilder using assets of a shipowner and loan from financial industry, STO based on blockchain technology enables small-scale diversified…
