08/10/19 07:23 UTC-4

Large South Korean bank KB Kookmin Bank switches to blockchain

OtherKorean Bank implements blockchain
Korean Bank implements blockchain

According to a local news release, KB Kookmin Bank announced at the Enterprise Ethereum and Revolution in Banking Summit conference that it wanted to integrate blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
technology into its internal processes.

Blockchain in KB Kookmin Bank

Hur Yin, CEO of KB Kookmin Bank:

“Blockchain can provide many different benefits to the financial industry, such as digital tokens, financing, custodial services, and trade.”

“The goal of the financial service is to deliver valuable propositions to customers,” said Hur.

The bank is most interested in implementing a decentralized distributed ledger system to combat money laundering and facilitate verification services, custodial services, and security tokenToken
– is an accounting unit that is used to represent a digital balance in an asset.Details

Interesting in the section: North Korea creates its own cryptocurrency

“I believe that the financial sector will be able to provide innovative services through blockchain,” said Lee Woo-yeol, director of information for the bank.


See also: "Blockchain simplifies business registration in the United Arab Emirates"

#Korea #bank #blockchain

Editor: Yuliya Soroka