Korea’s Oldest Bank Is Building a Blockchain-Based Security System
Adrian Zmudzinski's original article for cointelegraph.com reduced by 45%
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. User-friendly UX will help blockchain adoption says Shinhan.
"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.
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