Shinhan Bank of Korea reached an agreement to develop Blockchain security system

According to Korean media, the second largest commercial bank in this country, Shinhan Bank, is implementing a Blockchain deployment project in internal processes in order to minimize human errors.

Shinhan Bank’s preparation

Korea Times said the bank has implemented interest-rate swaps using Blockchain technology since November 30. It can be seen as a “first time” experience for a lender in Korea.

Along with that, Shinhan has also completed a staff training program to foster knowledge of Blockchain in many different applications. Now activities such as financial record storage have been established with the aim of automating, eliminating the possibility of artificial errors and improving overall efficiency.

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The new application system Blockchain believes that it can help eliminate human errors and help improve work efficiency through clearer communications, instead of wasting time fixing errors.

Enhance security with blockchain technology

According to an August 14 issue of The Korea Times, Shinhan Bank signed a memorandum of understanding with financial technology firm Ground X and the company that developed the Hexlant blockchain to develop the blockchain security system.

Ground X is a blockchain unit of the Korean social networking giant – Kakao and is currently expected to bring the blockchain software solution to this business. Hexlant develops the infrastructure to create anti-cracking programs for the platform. This agreement will witness a joint partnership to develop a Private Key Management System for banking services.

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Shihan bank representative said: “Blockchain technology has gained attention thanks to its superior benefits, but financial companies are having a hard time applying this technology to practice […] A user-friendly platform will help the process of application Blockchain to go further. Shinhan Bank will bring about this in the cooperation with Ground X and Hexlant. ”

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