The oldest bank of South Korea transfers all transactions to a blockchain

At the end of August, 2019 Shinhan, one of the oldest and largest banks of South Korea, concluded partnership with two financial technical-firms for creation of a new security system using blockchain technology. The project according to the results of which all transactions of credit institution will be transferred to a blockchain is begun.

According to the The Korea Times edition, for this purpose bank signed the agreement with GroundX, subsidiary company of South Korean Internet giant Kakao, and Hexlant developer blockchain. As a result of this transaction three companies jointly will develop a management system for private keys for further use in infrastructure of Shinhan bank. At the same time Ground X will provide a reference platform on the basis of a blockchain, and Hexlant will create infrastructure which will include "the protection program from cracking". A system will pass the first tests in October, 2019.

Shinhan concluded partnership for creation of a new security system

Bank representatives note that the technology of a blockchain drew attention of the financial sector with the advantages long ago, but these organizations met unforeseen difficulties in attempt to implement technology in the system. The Shinhan bank is going to bypass these difficulties, having provided a user-friendly friendly interface within the transaction with Ground X and Haxlant.

In June GroundX started own blockchain for use in Kakao services. The network under the name Klaytn, allegedly, works 150 times quicker, than Ethereum, and has own cryptocurrency called by "klay".

The Shinhan bank actively prepares meanwhile for innovations - in May, 2019 the bank started a blockchain platform for check of elements of the proofs necessary for crediting, such as qualification or certified documents. It should be noted that in 2017 the Shinhan bank announced start of service of storage of cryptoassets, however was forced to stop all transactions with bitcoin because of intervention of the government later.^[1]

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