Korea’s Shinhan Bank, Local Fintechs to Create Blockchain Security System

Asia Blockchain Review
August 25, 2019
Korea’s Shinhan Bank, Local Fintechs to Create Blockchain Security System

Shinhan Bank, the oldest bank in South Korea, has inked an MoU (Memorandum of Understanding) with domestic blockchain firms Ground X and Hexlant to build a Private Key Management System for its banking services, according to local news outlet The Korea Times. The system would reportedly improve the security of Shinhan’s services.

DLT Adoption More Accessible with User-Friendly UX

Under the MoU, Ground X — the blockchain arm of South Korean internet giant Kakao — will reportedly provide a platform based on distributed ledger technology (DLT). Meanwhile, Hexlant will be responsible for the development of infrastructure that will offer an anti-cracking program for the platform.

“Blockchain technology has gained attention from the financial sector for its advantages, but financial firms have experienced difficulties in applying the technology to their system,” a Shinhan bank official said. “Shinhan Bank will provide a convenient user-friendly interface under the deal with Ground X and Hexlant.”

According to a report by Cointelegraph, the new system could see testing as early as October.

Shinhan Leads the Country with Blockchain Initiatives

The partnership follows an agreement signed by Shinhan Financial Investment — the brokerage unit of Shinhan Bank — with financial service provider Directional to develop a blockchain-based, peer-to-peer (P2P) stock lending platform. The new service will allow investors to borrow and lend securities directly with other investors, circumventing the need for intermediaries and their fees.

In May, Shinhan Bank also unveiled its blockchain-based solution to expedite loan processes, using blockchain technology to verify loan applications and related documents without the need to visit a local bank branch. The blockchain solution was developed to improve efficiency and processing times while lowering associated administrative costs.

Source: https://cointelegraph.com/ 

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