Korea’s Oldest Bank Is Building a Blockchain-Based Security System

August 14, 2019
37 Views

A blockchain and a fintech startup partnered with South Korea’s oldest bank, Shinhan Bank, to develop a blockchain-based security solution.

South Korea’s oldest bank, Shinhan Bank, partnered with two other companies to develop a blockchain-based security solution.

Korea’s Shinhan bank to enhance security with blockchain

According to a report published on Aug. 14 by local news outlet TheKoreaTimes, Shinhan Bank signed a memorandum of understanding with financial technology startup Ground X and blockchain developer Hexlant to develop a blockchain security system. 

Per the report, the deal will see the institution’s partners jointly develop a Private Key Management System for its banking services.

Ground X is the blockchain unit of South Korean messaging giant Kakao, and is reportedly expected to provide a blockchain-based platform. Hexlant develops the infrastructure to feature an anti-cracking program for the platform. 

User-friendly UX will help blockchain adoption says Shinhan

The first tests of the new systems are expected to take place in October. One Shinhan Bank official commented on the development:

“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. […] Shinhan Bank will provide a convenient user-friendly interface under the deal with Ground X and Haxlant.”

As Cointelegraph reported earlier this month, Shinhan Bank is also developing a distributed ledger technology-enabled stock lending platform after signing an agreement with financial services company Directional.

You may be interested

Bitcoiners Brace for More Performance Art and Another ‘Satoshi Reveal’
Crypto News
29 views
Crypto News
29 views

Bitcoiners Brace for More Performance Art and Another ‘Satoshi Reveal’

btcethereumadmin - August 17, 2019

On Friday, a variety of paid press releases were published stemming from a company called Satoshi Nakamoto Renaissance Holdings, a…

Passing the Burden of Negative Rates to Bank Clients Opens Door for Cryptocurrencies
Crypto News
29 views
Crypto News
29 views

Passing the Burden of Negative Rates to Bank Clients Opens Door for Cryptocurrencies

btcethereumadmin - August 17, 2019

Record low and negative interest rates have put commercial banks in a difficult spot. Across Europe, they have been passing…

Bitcoin Price Analysis: Higher Lows Test Bullish Resolve
Bitcoin Price
22 views
Bitcoin Price
22 views

Bitcoin Price Analysis: Higher Lows Test Bullish Resolve

btcethereumadmin - August 17, 2019

Summary: After a very strong round of selling that dropped the price almost $2,000 in just a couple of days,…

Leave a Comment

Your email address will not be published.