Shinhan Bank, a extremely reputed Seoul-based monetary establishment that has been in existence since 1897, has joined forces with Ground X, the distributed ledger expertise (DLT) and fintech platform of Korea’s web big, Kakao, and Hexlant, for the event of a blockchain-based safety answer for its prospects, experiences The Korea Instances, August 14, 2019.
Shinhan Financial institution Doing Extra with Blockchain
In a bid to make sure the security of the personal information of its prospects, in addition to their transaction data from hackers and different unhealthy actors, Shinhan Financial institution has inked a partnership take care of two South Korean fintech and blockchain initiatives, Floor X and Hexlant.
Per sources near the matter, the deal will allow Floor X and Hexlant to develop a blockchain-based safety answer that will perform as a “Personal Key Administration System,” for the 122-year-old financial institution.
The crew says the proposed Personal Key Administration System might be constructed upon the Floor X distributed ledger, whereas Hexlant will see to the event of a hack-proof “anti-cracking program” for the platform.
The crew has additionally made it clear that the blockchain-based safety answer will include a user-friendly interface and if all goes as deliberate, the system might enter its testing part later in October 2019.
Commenting on the event, an unnamed official of Shinhan Financial institution famous that whereas DLT has attracted the eye of forward-thinking monetary establishments throughout the globe, resulting from its enormous potential, an unlimited array of companies nonetheless discover it onerous to make use of and the answer beneath growth might remedy this drawback.
Shinhan Main the Method
At a time when a great variety of financial institutions all over the world have began warming as much as blockchain expertise, Shinhan Financial institution has been working onerous to place itself on the frontline of innovation.
Earlier in December 2018, reports emerged that Shinhan Financial institution had launched a blockchain pilot venture geared toward integrating the revolutionary expertise into numerous areas of its operations together with inside protocol administration.
Extra lately, in July 2019, BTCManager reported that Shinhan Card Co. Ltd, a subsidiary of Shinhan Financial institution that’s among the many 5 greatest bank card companies in South Korea, had efficiently secured a patent for a blockchain-based cost system.
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