Top Korean bank Shinhan to develop blockchain-based information security system

Layer 1s • August 14, 2019, 6:00AM EDT
Shutterstock

Shinhan, one of the oldest and largest banks in South Korea, is set to develop a blockchain-based system for ensuring increased security of its customers’ personal information.

The bank has signed an agreement with South Korean messaging giant Kakao’s blockchain unit Ground X and blockchain laboratory Hexlant for the initiative, The Korea Times reported Wednesday.

The trio will jointly develop the Private Key Management System, which is expected to test run by October. Ground X will provide a blockchain platform, while Hexlant will develop an infrastructure to feature an anti-cracking program for the system, per the report.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Last month, the bank’s payments unit Shinhan Card designed a blockchain-based transaction system and successfully patented it. The system aims to introduce app-to-app and cardless transactions, among other features.

Shinhan, having nearly $375 billion in total assets, also led a funding round in local cryptocurrency exchange Gopax last year.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.

More by Yogita Khatri