Korean Bank Takes Advantage of R3’s Blockchain Technology

The NH bank of South Korea has recenlty joined the R3 blockchain consortium.

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According to businesskorea.co, the Nonghyup (NH) Bank, a Korean banking giant has joined the R3 blockchain consortium. The bank’s expertise is in commercial and agricultural banking and credit services in South Korea.

The union develops and researches Blockchain solutions for financial services. The announcement points out that with the support of R3, the bank intends to include new technology and start new partnerships with Fintech companies.

A Nonghyup Bank’s official claimed that they will gain technology by joining the blockchain consortium and they will apply it to the bank’s financial and economic sectors.

It’s a vital project for R3 as well.

The collaboration is also important for R3, after a number of incidents in their business plan recently. For example, the lawsuit with Ripple didn’t have a good progress. It left some corporations within the blockchain union thinking that the focus has already changed.

However, the addition of NH Bank and also the recent announcement that AWS (Amazon Web Services) chose R3 as its Blockchain access partner, seem like bright signs for the company’s future.

What are your thoughts about this situation? Let us know your opinion in the comments below! If you liked the article, feel free to share it on social media.

Also read: MasterCard And Revolut Enable Bitcoin For Worldwide Payments

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