Shinhan Bank, a highly reputed Seoul-based financial institution that has been in existence since 1897, has joined forces with Ground X, the distributed ledger technology (DLT) and fintech platform of Korea’s internet giant, Kakao, and Hexlant, for the development of a blockchain-based security solution for its customers, reports The Korea Times, August 14, 2019.
Shinhan Bank Doing More with Blockchain
In a bid to ensure the safety of the personal information of its customers, as well as their transaction records from hackers and other bad actors, Shinhan Bank has inked a partnership deal with two South Korean fintech and blockchain projects, Ground X and Hexlant.
Per sources close to the matter, the deal will enable Ground X and Hexlant to develop a blockchain-based security solution that would function as a “Private Key Management System,” for the 122-year-old bank.
The team says the proposed Private Key Management System will be built upon the Ground X distributed ledger, while Hexlant will see to the development of a hack-proof “anti-cracking program” for the platform.
The team has also made it clear that the blockchain-based security solution will come with a user-friendly interface and if all goes as planned, the system could enter its testing phase later in October 2019.
Commenting on the development, an unnamed official of Shinhan Bank noted that while DLT has attracted the attention of forward-thinking financial institutions across the globe, due to its huge potential, a vast array of firms still find it hard to use and the solution under development could solve this problem.
Shinhan Leading the Way
At a time when a good number of financial institutions around the world have started warming up to blockchain technology, Shinhan Bank has been working hard to put itself at the frontline of innovation.
Earlier in December 2018, reports emerged that Shinhan Bank had launched a blockchain pilot project aimed at integrating the revolutionary technology into various areas of its operations including internal protocol management.
More recently, in July 2019, BTCManager reported that Shinhan Card Co. Ltd, a subsidiary of Shinhan Bank that’s among the five biggest credit card firms in South Korea, had successfully secured a patent for a blockchain-based payment system.