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South Korea’s Shinhan Bank is Building a Blockchain Security System

Blockchain Security

Blockchain Security

According to reports, the oldest bank in South Korea, Shinhan Bank, is soon to be the most technologically secure bank. The bank has partnered with two other companies to develop a blockchain-based security solution.

Moving with the times indeed.

South Korea’s Shinhan Bank is Making a Blockchain Security Solution

According to a report published earlier today in TheKoreaTimes, Shinhan Bank signed a memorandum of understanding with two developers: financial technology startup Ground X and blockchain developer Haxlant. The pair have been tasked with developing a blockchain security system for the bank.

More specifically, the two developers will create a Private Key Management System for Shinhan’s banking services.

Ground X and Haxlant will work in tandem utilizing each other’s expertise to develop the security blockchain. Ground X is the blockchain unit of South Korean messaging giant Kakao, and it will create the technology underpinning the blockchain-based platform. Haxlant then will develop the infrastructure to feature an unhackable and secure program for the platform.

Blockchain Security Takes Shinhan Ahead of the Pack

The new blockchain system is expected to begin testing in October. The bank believes its addition will help to encourage other financial institutions to adopt the technology. According to a Shinhan Bank official:

“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.”

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Also this month, Shinhan Bank reported that it has a distributed ledger technology-enabled stock lending platform in development. This platform is being created in conjunction with financial services company Directional.

There’s something to be said for South Korea’s oldest bank taking the biggest leap into the latest technologies. Do you think its involvement in the blockchain space will encourage further adoption from other institutions?

What are your thoughts on this?

Featured Image: DepositPhotos © Pixabay

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