A group of blockchain technology experts from South Korea are launching an entity called the Blockchain Law Society, according to media reports.

The society will focus on legal studies related to the decentralized database system, and also “promote interdisciplinary collaborations between diverse areas, such as economics, computer engineering (and) field business," reported South Korean news agency Yonhap.

Blockchain is an important technology for digital currencies as it acts as a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly and enable data sharing across a network of individual computers.

The society, which will seek input from judges, prosecutors, lawyers and professors, as well as experts from other industries, will also focus on blockchain-related legislation.

The society, founded by, among others, Lee Jung-yeop, a presiding judge at the Daejeon District Court, has 210 members including judges, prosecutors, and local private practice lawyers. They include Koo Tae-eon, a managing partner at local firm Tek&Law, and Lee Chan-hee, president of the Seoul Bar Association.

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