The Korea Blockchain Association has agreed to establish a cooperative partnership with the global private blockchain consortium R3 Thursday.

The agreement was reached in a meeting of executives of the two organizations.

R3 members include Citibank, Barclays, 200 global financial institutions and government agencies.

Oh Gap-soo, chairman of the association, said the association will activate a research group on preventing money laundering through blockchain. The association would also launch a task force which would analyze the domestic blockchain industry and chart plans for their growth.