Belarus-born smart contracts. Large-scale presentation of Hi-Tech Park held in Seoul

One of the developers of the Decree “On Development of Digital Economy” Denis Aleinikov and the CEO of the “LWO” company Oleg Kondratenko represented Belarus as an IT-country at the forum “Smart Cloud Show” in Seoul.

An international lawyer and a member of the Council for Entrepreneurial Development under the Office of President of the Republic of Belarus, Denis Aleinikov addressed the international audience with the topic on the innovations of the President’s Decree No. 8.

“The presentation of the Decree No. 8 and the concept of regulating blockchain-businesses, in particular, aroused great interest in Korea. Koreans are generally quite fond of Chagall’s works and now they are impressed by the Decree of the President of Belarus. Korea, a similar country in size, is on the stage of great reforms in IT and is thinking about the concept of regulating cryptocurrencies. They are not the biggest in the Asian market - they are locked up in every sense of the word between Japan and China, and so are we between Russia and Europe. Consequently, they understand us well. Koreans are constantly in search of potential growth, creative concepts for domination in the Asian market. They are sincere people who did not hide their admiration for our Decree. A journalist approached me after my speech: “We had in advance prepared a follow-up question on what way you would advise South Korea to develop in the regulation of the blockchain economy. But now we will not ask it, as we all understand we need to do exactly what your President did. They know that we are the first to have given legal right to a computer code”, Denis Aleinikov said after the meeting with the Korean audience at the Smart Cloud Show.

During the visit of the Hi-Tech Park delegation to Seoul, a number of meetings were held with representatives of South Korean IT corporations and business community including Korea's largest IT integrator “Samsung SDS” and the telecommunications holding “Korea Telecom”. The prospects for cooperation in the field of venture financing were discussed with representatives of the Korean Venture Capital Association and the Korean Venture Investment Corporation.

The Hi-Tech Park resident-company “LWO”, which is one of the leaders in Belarus in terms of IT solutions for the banking and public sectors, seeks to expand their products to the Asian market.

“Today blockchain-related technologies are considered as working tools of our company. Utilizing them, we have significantly increased our efficiency and generated the stability of our solutions considerably while working in an aggressively competitive environment. Digital reality is changing the common business processes, while our new products dramatically increase the international competitiveness of the Belarusian IT sector”, “LWO” CEO Oleg Kondratenko pointed out during the meeting with his Korean counterparts.

The organizers and participants of the IT forum expressed great interest in the Hi-Tech Park and the Decree “On the Development of the Digital Economy”. At a meeting with the Belarusian delegation the representatives of the South Korean law firm “HMP Law” noted that the approaches to regulating the sphere of cryptocurrencies and blockchain implemented in Belarus attracted keen attention of the Korean cryptobusiness.

"Korean lawyers have been thinking for a long time, how to present the technical aspects of the blockchain economy in legal terms but have not found a solution yet. Those legal structures which are used in the Belarusian Decree to describe the terms and processes of the blockchain economy genuinely impress Korean experts. We repeatedly heard from the participants of the IT forum: “Your digital decree is one of the most advanced in the world,” - director of the Hi-Tech Park’s Global Cooperation Office, Kirill Zalessky commented.

The forum “Smart Cloud Show” is organized by the online media “ChosunBiz”, which is part of the largest media holding in Korea “Chosun Media Group”. The target audience of the event is made up by representatives of large companies, experts and IT developers. The forum gathered more than a thousand participants from major companies.

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