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Blockchain Shinhan Bank solution to develop security problems

2019-08-14 11:37 am | Resource: News Section | No Views : 29

Blockchain Shinhan Bank solution to develop security problems South Korea's Shinhan Bank has entered into a new partnership to develop a security solution based on emerging blockchain technology with two other companies.
According to a report published on Wednesday, August 14, by local news outlet TheKoreaTimes, Shinhan Bank, South Korea's oldest bank, signed a memorandum of understanding with financial technology start-up company Ground X and developer of block chain Hexlant technology to develop a block chain security system.
According to the report, the deal will see the organization's partners participate in the development of its private key management system for its banking services.
Ground X, the blockchain unit of South Korean reporter giant Kakao, is expected to provide a platform based on Block chain technology. Hexlant is developing the infrastructure to feature an anti-cracking platform.
Shinhan explained that the easy-to-use UX will help adopt emerging fledgling technology, and the first tests of the new systems are expected in October this year.
A Shinhan official commented on the development:
"Block chain technology has gained the attention of the financial sector for its advantages, but financial companies have struggled to apply technology to their system. Shinhan Bank will provide a convenient and user-friendly interface under the deal with Ground X and Haxlant."
Earlier this month, Shinhan also developed a stock lending platform supported by ledger technology after signing an agreement with Directional Financial Services.
South Korea, China and the US are thriving in conducting block chain research to develop the new industry, to be applied in many areas, where technology is known to achieve the elements of safety, speed and transparency, and these elements are required by all companies in the world in general.
Blockchain technology has gained wide fame in the past few years, as governments in various countries of the world, as well as major economic companies globally, towards this technology, to study and develop it, to apply and achieve successes and accomplish the tasks required of them faster, safer, and transparent. Some have pointed out that this technology is the next development after the Internet, as it is considered much better than it will bring good abundance to the whole world.

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