Shinhan has gained a much-deserved reputation as one of the oldest and largest banking companies in operation within South Korea, has announced a brand new partnership with two emerging Fintech companies. The objective? to collaborate and build a brand new security solution with the use of blockchain technology.
For this plan to come into effect, the bank has signed a broad sweeping agreement with the blockchain subsidiary company behind the Global messaging app – Kakao – known as GroundX, as well as working with the blockchain developer Hexlant. This is according to a report from the local news outlet – The Korea Times, which reported on it this week.
This new deal will effectively see these three companies work together to develop and implement a private key management solution for use within Shinhan, GroundX, which will be providing the underlying blockchain platform, and lastly, Hexlant will be providing the infrastructure which will also include the creation of an ‘Anti-cracking program,’ according to the report. What makes the whole collaboration even more exciting is the prospect that testing may begin as soon as October this year.
“Blockchain technology has gained attention from the financial sector for its advantages, but financial firms have experienced difficulties in applying the technology to their system,”
this is according to an official speaking on behalf of the bank.
“Shinhan Bank will provide a convenient user-friendly interface under the deal with Ground X and Haxlant.”
GroundX has a pretty firm reputation in the field of blockchain technology already. Having previously launched its own dedicated blockchain for use across Kakao’s suite of services over the course of June. Referred to as Klaytn, the network has alluded to being more than 150 times faster and scalable compared to Ethereum (Even though it serves as a hybridized private blockchain solution with permissioned nodes which can actually be double-checked by public members of its community), along with having its own native cryptocurrency known as ‘Klay.’
Back in May, Shinhan managed to successfully launch its own blockchain platform in order to verify various items of proof required for complex procedures such as credit lending, qualification or certification documents, seeking cost as well as speed improvements overall.