Korea's oldest bank uses Blockchain | BTC-ECHO

South Korea's oldest banking institution, Shinhan Bank, will work with two crypto companies in the future. This reports the English-language national news page Korea Times on the 14th of August in the form of a report.

Apparently, Shinhan signed a memorandum of understanding with the two companies. Involved are the FinTech Ground X and the blockchain developer Hexlant. Accordingly, the cooperation is about the development of a new security concept for the bank. This should benefit the customers in particular.

Shinhan wants to develop a private key management system

Specifically, the cooperation between Shinhan, Ground X and Hexlant involves the development of a Private Key Management System (PKWS). The system should therefore protect the personal data and transaction records of customers.

The blockchain infrastructure for the project apparently comes from Ground X. The company is now considered the "crypto arm" of the social media giant Cocoa. Cocoa is a listed company that operates not only a messenger service but also a search engine.

Hexlant, on the other hand, is a blockchain laboratory in Seoul. According to the report, Hexlant is developing technologies for Shinhan's anti-cracking program on the platform. A test program of the service is expected in October 2019.

Meanwhile, Shinhan has been experimenting with blockchain-based applications in the past. There were approaches to a derivatives system and to bond applications that operate on blockchain.

A bank representative nevertheless explained the difficulties with the blockchain adaptation in the banking industry. "Blockchain technology received much attention from the financial sector for its benefits. However, financial firms have experienced complications in applying the technology to their system. "He continued," Shinhan Bank will work with Ground X and Haxlant to develop a user-friendly and easy-to-use interface. "

South Korea is now considered one of the most crypto-friendly countries on earth. Both in the private and the public sector there are constantly new developments regarding the adaptation of new technologies. For example, the capital Seoul is planning a blockchain-based identity card. For the civil service, the country even develops its own digital currency called S-Coin.

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