Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
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 The Korea Times, 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.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.