Shinhan, one of the oldest and largest banks in South Korea, is set to develop a blockchain-based system for ensuring increased security of its customers’ personal information.
The bank has signed an agreement with South Korean messaging giant Kakao’s blockchain unit Ground X and blockchain laboratory Hexlant for the initiative, The Korea Times reported Wednesday.
The trio will jointly develop the Private Key Management System, which is expected to test run by October. Ground X will provide a blockchain platform, while Hexlant will develop an infrastructure to feature an anti-cracking program for the system, per the report.
Last month, the bank’s payments unit Shinhan Card designed a blockchain-based transaction system and successfully patented it. The system aims to introduce app-to-app and cardless transactions, among other features.
Shinhan, having nearly $375 billion in total assets, also led a funding round in local cryptocurrency exchange Gopax last year.