South Korea’s bank enter partnership for the development of a blockchain based security system
|- Shinhan Bank is the oldest bank in South Korea, they have announced partnering with two companies, as they are keen to develop a blockchain security system.
- It will be working with Ground X and Hexlant for the noted development, as reported by TheKoreaTimes.
The oldest bank in South Korea, Shinhan Bank, has partnered with two other companies for the development of a blockchain-based security solution.
Shinhan bank are set to enhance security with blockchain, which was detailed within a report published by TheKoreaTimes. Shinhan Bank has signed a memorandum of understanding with financial technology startup Ground X and blockchain developer Hexlant for the development of a blockchain security system.
In terms of the deal, it will see the institution’s partners jointly developing a Private Key Management System for its banking services. Ground X is the blockchain unit of South Korean messaging giant Kakao, and are expected to be proving a blockchain-based platform. Hexlant develops the infrastructure, that is going to feature an anti-cracking program for the platform.
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