Oldest Bank In Korea Is Building Blockchain-Based Security System

While the coming altcoin news show that there is no action as Bitcoin suffers with a 6% decline, the other news show that blockchain advancements are continuing all around the world. As the latest series of events unfold, we can see that the oldest bank in South Korea, Shinhan Bank, has partnered with two other companies in order to develop a blockchain based security solution.

The news came from a report published on August 14 and later reshared on many best cryptocurrency news sites. The report originally came from the local news outlet TheKoreaTimes, featuring Shinhan Bank and its signing of a memorandum of understanding with the financial technology startup Ground X and its blockchain developer Hexlant in order to develop a blockchain security system.

Per the report, we can see that the deal will see the oldest bank in Korea and its developing of a Private Key Management System for its banking services. Ground X is the blockchain unit of South Korean messaging giant Kakao. As described in the latest cryptocurrency news, it is expected to provide a blockchain based platform.

The user friendly user experience (UX) will help the blockchain adoption, as the oldest bank in Korea noted. Currently, the first tests are prepared and are expected to take place in October this year. According to one official and his statement:

“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.”

This shows that the blockchain development is on the way for the oldest bank in Korea. Hexlant is the company that develops the infrastructure and one that will feature an anti-cracking program for the platform.

“Shinhan Bank will provide a convenient user-friendly interface under the deal with Ground X and Haxlant,” the official also said.

The oldest bank in Korea and its credit card affiliate, Shinhan Card, also obtained a related patent for a blockchain based credit transaction process – which will allegedly better serve its customers through a more secure and transparent system.