South Korea's oldest bank to launch security system on blockchain

One of South Korea’s largest banks, Shinhan Bank signed a memorandum of understanding with Ground X and Hexlant to jointly develop a blockchain-based security system. It is reported by The Korea Times .

As part of the deal, Shinhan and fintech firms will launch a private key management system for further use in the bank’s infrastructure.

Ground X, a division of South Korean IT giant Kakao, is expected to provide a blockchain platform, and Hexlant will develop a system to prevent hacks.

“Blockchain technology has attracted the attention of the financial sector with the benefits it can provide, but financial institutions have encountered difficulties in applying it to their systems,” said Shinhan representatives.

The beginning of testing the service is scheduled for October this year.

Recall that in 2017 Shinhan Bank announced the launch of a crypto assets storage service, but later was forced to stop all operations with bitcoin.

This happened after the South Korean government announced "emergency measures" to regulate digital currencies and checked the country's largest cryptocurrency exchanges.

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