Major South Korean banks are active in using blockchain for upgrading online transactions. Their focus is on improving the banking process.
KB Bank has completed a pilot test for blockchain-based digital asset transaction platform. KB partnered with the Atomrigs Lab for the platform.
The bank also teamed up with fintech firm CoinPlus to establish a blockchain-based verification system.
KEB-Hana Bank has reviewed about 100 blockchain business models and picked the models fit for the banking business. It launched the Global Loyalty Network (GLN) last April in Thailand. It got 47 blockchain-based patents.
Shinhan Bank has introduced blockchain in the lending business for the first in Korea. Without talking with lenders, customers can put in necessary data in the Shinhan blockchain platform and find out how much and whether he or she can borrow money.
Borrowers can register a one-time encrypted password (OPT) and use it for borrowing from Shinhan.
Woori Bank has formed a consortium with SK Telecom to develop a blockchain-based verification system. NH Bank has opened a course for blockchain developers.
Unlike South Korean banks, foreign banks are active in investing in blockchain startups. A total of 344 foreign banks joined in the Ehtereum-based private blockchain consortium led by JP Morgan.
In Europe, Spain’s Banco Santander issued $20 million worth of blockchain-based bonds for the first time in the world. It carries 1.09 percent in interest rate.
