One of South Korea’s largest financial institutions, Shinhan Bank, has penned an agreement with blockchain firms Ground X and Hexlant. The goal is to create a blockchain security system by developing a Private Key Management System (PKMS). The system aims to secure customers’ personal data and transaction records. In the last few months Shinhan Bank has tested
blockchain credentialing for loan applications and a
blockchain-based derivatives system.
Ground X is the blockchain group of South Korea’s mobile messaging firm
Kakao. According to
The Korean Times, Ground X provide the blockchain platform for the project. It is unclear, however, whether that refers to Ground X’s
Klaytn platform. Hexlant, on the other hand, is responsible for the encryption key management process. And Shinhan Bank will provide security technology and the key recovery process.
Pilot tests are expected to start in October.
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