South Korea's KEB Hana Bank is the country's first bank to test a blockchain prototype for customer authentication and payments, claiming it is not far off implementing it for commercial use. - will not only satisfy individuals and businesses that are involved but also the public sector. Blockchain's transparency and encrypted networks are expected to increase security and reduce costs for banks and customers. The Korean bank, which has been working on blockchain-based solutions since 2013, said in its press release that it will use the technology as part of an integrated solution with other financial institutions including Kookmin On average, venture capital funding in bitcoin and blockchain firms grew by 294% p.a. between 2012 and 2015 according to a CoinDesk study.
South Korea's KEB Hana Bank is the country's first bank to test a blockchain prototype for customer authentication and payments, claiming it is not far off implementing it for commercial use. Blockchain's transparency and encrypted networks are expected to increase security and reduce costs for banks and customers. The Korean bank, which has been working on blockchain-based solutions since 2013, said in its press release that it will use the technology as part of an integrated solution with other financial institutions including Kookmin On average, venture capital funding in bitcoin and blockchain firms grew by 294% p.a. between 2012 and 2015 according to a CoinDesk study.