Modern history of East Asian martial arts
Taekwondo was developed from karate for use in the Republic of Korea Armed Forces from 1954. For this purpose, karate terminology needed to be "nationalized". The name "taekwondo" is due to shotokan practitioner and army general Choi Hong Hi. After the Korean War, Taekwondo was further developed into a purely sportive discipline, since 1973 overseen by the World Taekwondo Federation. 
During 1964-1966, Choi Hong Hi continued to promote taekwondo, working to put together a world-class exhibition team. Taekwondo's emphasis on jumping and flying kicks dates to this period. While taekwondo was based off karate, the structural changes made in the 1950s and 1960s were significant, and it cannot now be considered a branch of karate, but is a standalone modern martial art. Taekwondo was presented at the Summer Olympics as a demonstration sport in 1988 and 1992, and became an official Olympic discipline in 2000.
Taekwondo
The World Taekwondo Federation (WTF) also refers to the commandments of the Hwarang in the articulation of its taekwondo philosophy. Like the ITF philosophy, it centers on the development of a peaceful society as one of the overarching goals for the practice of taekwondo. The WT's stated philosophy is that this goal can be furthered by adoption of the Hwarang spirit, by behaving rationally ("education in accordance with the reason of heaven"), and by recognition of the philosophies embodied in the taegeuk (the yin and the yang, i.e., "the unity of opposites") and the sam taegeuk (understanding change in the world as the interactions of the heavens, the Earth, and Man). The philosophical position articulated by the Kukkiwon is likewise based on the Hwarang tradition.