Blockchain enthusiasts start not-so-secret society

A group of experts with interest in blockchain technology will launch a society to study legal aspects and interdisciplinary collaboration in applying the decentralized ledger system as Korea tiptoes towards the broader use of the emerging system.

Tentatively dubbed the Blockchain Law Society, the association will consist of some 170 members including reporters, industry experts and professors as well as legal specialists like lawyers, prosecutors and judges.

The founder is Lee Jung-yeop, the presiding judge at the Daejeon District Court, according to the society in a statement.

He first floated the idea of establishing the society in January.

The group will host a foundation event on Aug. 24 at the Seoul Central District Court in southern Seoul where its members will reveal research projects and the reason for choosing the topics.

Some of the topics include blockchain and the civil society, accounting and taxing methods related to blockchain and the use of blockchain in copyright content. Also under discussion will be law issues regarding smart contracts and research on legislating on blockchain.

The Blockchain Law Society will also unveil its online platform during the Friday event that will later be built upon the blockchain system.

A member of the society said that the platform will operate in a similar way as Steemit, a blogging and social networking site that uses a blockchain-based rewards system. Those uploading posts or commenting could receive a digital token, a system used on Steemit.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]