South Korea 's KEB International Bank is the country 's first bank to test a blockchain system for its accounts and payments , claiming it is not far off implementing it for commercial use . Blockchain 's transparency and encrypted networks are expected to improve security and reduce costs for banks and customers . However , it is highlighted that existing regulation may need to be changed to accommodate the new technology in banks ’ electronic financial services . 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. However, it is highlighted that existing regulation will need to be changed to accommodate the new technology in banks’ electronic financial services. On average, venture capital funding in bitcoin and blockchain firms grew by 294% p.a. between 2012 and 2015 according to a CoinDesk study.