Shinhan bank of South Korea wants to use the blockchain technology to make its security system more secure and reliable. This is a new phase of technology where firms are adopting the emerging blockchain to make their platform free from any kind of scam or malicious attacks as this technology prevents from any kind of breaching and hacking attacks. South Korean based Shinhan Bank also joins the race towards this new era of technology.
At the start of 2019, the bank had announced that they are going to launch the lending system for its customers based on the peer-to-peer network. But this lending initiative required some firewalls and updating to make it more hard-wall.
The Local news network of Korea informs that the bank has signed an agreement in order to improve its lending program and to make it more efficient than the past. This will also assist in making personal information more confidential and securing the transactions’ records.
Collaboration of Three Giants Firms
It is said that three big firms are agreed to make a perfect platform for the customers. This triangle of organizations includes kakao, Hexlant and Shinhan bank itself. GroundX is a division of Kakao that will provide the blockchain services to the main platform while Hexlant will present the anti-cracking system. Hexlant was established in 2018 with a primary purpose to create the main net for blockchain technology.
These three giant firms will work together to design a private key management program to ensure a better and easy interface for customers with a non-breakable privacy system.
An official of Shinhan said that:
Shinhan Bank will provide a convenient user-friendly interface under the deal with Ground X and Haxlant
He further said while telling the issues and problem they faced after applying this new technology:
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
As you know, every new thing creates new problems and issues but to overcome these issues is a wise decision. The Shinhan Bank also made a wise decision by making an agreement with two prominent firms to improve its system.