Korea Exchange Bank announces 46 patent applications related to blockchain | eBitcoinics.com

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Korea Exchange Bank announces 46 patent applications related to blockchain

coincrispy 14 Feb, 2019 news.eBitcoinics.com Views: 346

Korea Exchange Bank (KEB Hana Bank), the largest foreign exchange bank in South Korea, has announced the request for 46 patents for business models based on blockchain technology. This has been reported by the business technology news agency ZDNet this Wednesday, February 13.

KEB Hana Bank announced that it has completed 46 patent applications of methods and systems that allow the purchase of products abroad, methods and systems for electronic contracts and methods and systems that allow the provision of digital asset services using blockchain technology. According to the publication, some of these patents are currently in development.

"Although it is possible to buy goods abroad using the Internet community and social networking services, there is the possibility of a problem of reliability or fraud. We hope to complement it through a platform based on block chains. "

In this regard, KEB Hana Bank, which is also part of Hana Financial Group (HFG), one of the largest bank holding companies in South Korea, has also reported that it is working in an internet banking service based on blockchain for the emission of IOU.

However, Han Jung Sung, vice president of the bank's financial group, has clarified that these requests do not only seek to apply the blockchain technology in the banks but that it serves as a bridge between these and the businesses:

"It is true that the business of the block chain that has been introduced so far has had some bubbles. This patent application is not just about applying blockchain technology to banking. It is significant to connect the new business model and the internal system of the bank through a chain of blocks ".

We have therefore that although many still adhere to traditional financial systems, many banking institutions are among the companies that have filed more blockchain patents. Not only Korea Exchange Bank, but also Bank of America, one of the largest banks in the United States, who will participate in a patent blockchain with more than 50 applications last year.

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