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Shinhan Bank and KT Telecom have partnered to develop Blockchain Platform

The oldest and second largest bank in South Korea, Shinhan Bank, has announced a partnership with Korea Telecom (KT) Corporation - one of the largest telecommunication companies in the country. The partnership will see the development of a blockchain platform for processing proposed digital tokens by the country’s regional governments, suggesting users could buy Bitcoin (BTC) to trade for the tokens.

Shinhan Bank has delved into blockchain before (in November 2017) when the bank began developing its own Bitcoin wallet and vault system as well as participating in trials with Ripple labs and a cross-border system. The wallet and vault would allow bank users to buy Bitcoin for safe storage in a cold wallet. Plans have not stated whether users will be able to buy Ethereum or Litecoin for cold storage. Shinhan Bank are reportedly working on the financial aspects of the new platform with Korea Telecom on the development of the blockchain.

The project has been dubbed ‘Future Internet’ in which vice president of KT’s blockchain research centre Seo Young-Il stated: ‘Blockchain will be central technologies for digitalisation in the ‘fourth industrial revolution’.” The project is set to modernise the current internet with immutable blockchain technologies that will secure transmitted data from hackers. The partnership hopes to implement a convergence between the financial industry and ICT with the use of blockchain to improve the activities of customers.

The South Korean government has been working on a classification system. This is to help guide and inform of relevant regulatory policies and requirements. The system currently categorises the technology into blockchain systems, decentralised applications (DApps), development and cryptocurrency exchanges on top of transactions.

South Korea is looking to the future of blockchain technology and the potential benefits it could bring to our current systems.

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