Blockchain Security elevation in Korean Banking sector

Korean Banking sector - Blockchain Security elevation

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Korea Financial Investment Association (KoFIA) said that applying a blockchain security identification platform via a Chain ID will see some of the key security companies and banks sharing the user data securely for online identification.

How is Blockchain Security Implemented?

KoFIA chairman, Hwang Young-key has shown that the distributed identification provision is developed using smart contracts. The private blockchain policy is used by a group of investment firms and blockchain startups that are led by the industry body.

The blockchain group comprises of 21 financial businesses and 5 blockchain tools teaming up to develop blockchain solutions for the financial sector, thus making it the nation’s prime blockchain conglomerate.

This means that customers can now share their blockchain based information across all the contributing financial establishments of the blockchain conglomerate bypassing the need of verifying a central authority. Chain ID is set to be launched in November on iOS and Android apps first and then a desktop version will be rolled out.

Chain ID is just the commencement of a major implementation for blockchain systems among the people, according to the Seoul centered blockchain loop’s CEO Jonghyup Kim.

What Next?

From just substituting Korea’s outdated banking certificates to putting blockchain into every Korean citizen’s wallet, Chain ID has a long way to go. Blockchain is impending in creating a step for an extensive use of blockchain based dealings in the novel network of blockchain built financial business.

The Korea Exchange (KRX), South Korea’s securities exchange operator already launched a blockchain driven policy for startups to trade equity stocks. This cloud based technology, referred to as ‘Coinstack’ registers documents that emphasize on identity confirmation and supports all protocols built on both Bitcoin and Ethereum blockchain

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