Kyrgyzstan is taking up the challenge of transforming the middle corridor by leveraging emerging technologies and working with global institutions and regional players.
Nurbek Maksutov, head of the Ministry of Economy and president of the United Nations Centre for Trade Promotion and Electronics (UN/CEFACT), has disclosed a plan to digitalize the central corridor, a trade route connecting Central Asia and Europe, which provides an alternative to long sea routes.
In his keynote speech at the High-Level World Trade Organization (WTO) conference, Maxotov revealed that the focus of the plan will improve digital trade in the corridors. He highlighted some policy recommendations for UN members that form the core of the corridor.
The ambitious project begins by analyzing current issues affecting digital transactions along the corridors. Maksutov confirms that infrastructure remains a critical issue. It points out that data exchange and transportation procedures infrastructure is central to digitalization plans, as it is primarily inland without using delivery routes.
For Maksutov, the easiest step in the central corridor is to adopt the data exchange criteria recommended by UN/CEFACT. A harmonious combination of data standards improves cross-border transactions in Central Asia, whilst strengthening the local SME situation.
At the WTO conference, the International Trade Centre (ITC) announced plans to improve existing cooperation between the European Union and Central Asian countries through the central corridor.
With global digital transformation collecting steam, there is also evidence of the adoption of emerging technologies, and it is not impossible for Kyrgyzstan to adopt them in the ambitions of the central corridor. Blockchain technology and smart contracts are one of the things that can be considered for cargo tracking and compliance purposes. Meanwhile, artificial intelligence (AI) and the Internet of Things (IoT) can eliminate unexpected supply chain disruptions.
From an infrastructure standpoint, Central Corridor member states may need to spend a lot of money on 5G and cloud connectivity to promote a full-scale push to digitalisation in the region.
At homefront, Kyrgyzstan is embracing emerging technologies, targeting blockchain to increase process efficiency. Central Asian countries are moving towards the digital tenge, Central Bank Digital Currency (CBDC), but are issuing licenses for digital currency exchange and regulating Bitcoin mining operations.
Kazakhstan, the key hub of the middle corridor, is a regional leader in blockchain, and a series of education initiatives have been launched to deepen the talent pool.
We offer nationwide digital IDs in Korea
Elsewhere in Asia, South Korea has completed commercial launches of digital identity cards for both residents and foreigners, with the final stage being held in cities in Seoul, Gwangju and Busan.
Digital IDs are essentially digital versions of previously issued domestic IDs, but have additional features including Myopia Field (NFC) that allow users to tap their phone to their card to issue a digital ID. The ministries of the internal and security statement revealed that digital identity relies on blockchain for encryption and data storage.
“Users are limited to one mobile ID on one smartphone in their name and require biometric authentication to prevent identity theft,” the ministry said. “Users can call their telecommunications service provider immediately to terminate their digital ID in the event of a lost smartphone.”
The new National ID issue includes the digital version for your mobile phone. The ministry said these digital IDs will retain the same legal validity as traditionally issued ID cards.
Modern digital IDs are used to access identification purposes and public features. Digital ID holders can also use them to open bank accounts and interact with local financial services. The initiative has been supported by major South Korean financial institutions, including Shinhan Bank, Kebuhana Bank, Busan Bank, Jeju Bank and Jeongbuk Bank.
Some banks are trying to recognize digital IDs aimed at foreigners. The report mentions Korea Sangyo Bank, Cookmin Bank and Wooli Bank as potential financial institutions in the first group.
In other developments, certification platform Raonsecure has deployed the University of Korea’s Omnione badge, promoting the issuance of digital badges for students. Meanwhile, Handcomwith is pushing the frontier of biometric authentication with the deployment of AI – drive solutions for the local healthcare sector.
South Korea’s recent streak aims to digitalize an industry that has not changed for decades. Apart from blockchain-powered digital IDs, South Korea is paying attention to the launch of its central bank digital currency (CBDC).
The country is experimenting with digital payment vouchers to replace physical vouchers made from paper and plastic. Blockchain forms the core of Korea’s digital drive, but the country has sunk up to $7 billion to integrate AI into its initiative.
Watch: Focusing on Bitcoin Retrospect and the Internet Future with Mike Hearn
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