Korea Exchange Bank (KEB Hana Bank) Joins The Blockchain Technology Bandwagon

2019-2-14 23:53

Korea Exchange Bank (KEB Hana Bank) Joins The Blockchain Technology Bandwagon

Korea Exchange Bank (KEB Hana Bank) has announced it has filed 46 patent applications with the nation’s authorities to enable its develop various distributed ledger technology (DLT) based systems, reports local news source ZDNet on February 13, 2019.

Revolutionizing The Banking Industry With Blockchain Technology

Blockchain technology, the groundbreaking tech powering bitcoin (BTC) and altcoins is gradually transforming a vast array of industries across the globe, including healthcare, fintech, and others.

In order not to be left behind in the blockchain movement, KEB Hana Bank, a highly reputed Korean lender that is also part of the Hana Financial Group (HFG), has reportedly announced that it has successfully filed an impressive 46 patent applications related to DLT.

Specifically, the financial institution has revealed that the patents are for the development of methods and systems for purchasing overseas products, systems, and methods for electronic contracts, as well as methods and system for offering clients' crypto assets services via blockchain technology.

Interestingly, unlike other firms that have filed blockchain patent applications in the past but are yet to develop any significant decentralized applications (dApps), KEB Hana Bank has reportedly claimed that it has already started building some of the filed patents.

KEB Hana Developing Blockchain-Based Internet Banking Solution

At a time when forward-thinking financial institutions are exploring ways to facilitate superfast, secure and cost-efficient cross-border payments through blockchain technology, KEB Hana Bank says it’s looking to develop an internet banking solution that would be based on DLT, to enable it to issues IOUs in a frictionless way.

Commenting on the development, the vice president of KEB Hana bank noted that the firm is determined to make the blockchain systems as robust as possible to ensure they successfully connect the new models with its internal operations.

In his words:

“The patent applications are not merely about applying blockchain technology into the banking system. It is very critical to connect the new business models and the bank’s internal systems through blockchain technology.”

Though nascent, it’s worth noting that blockchain technology adoption is slowly but steadily becoming ubiquitous and it’s just a matter of time before the revolutionary technology goes entirely mainstream.

In November 2018, Bitcoin Exchange Guide reported that a vast array of businesses including Microsoft, Google, Bank of America, Mastercard and IBM have all filed blockchain patent applications, to enable them to remain at the forefront of the revolution.

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