UNLOCK: Blockchain News, Latest Trends and News about Blockchain Technology

South Korean Consortium enables Blockchain security upgrade

South Korean Consortium enables Blockchain security upgrade

news

Korea Financial Investment Association (Kofia) has announced the implementation of Chain ID, a blockchain identification platform where securities firms and merchant banks can securely share customer information for online identification.

Kofia chairman Hwang Young-key explained, during a conference on Tuesday, that the decentralized identification service was developed using smart contracts and the private blockchain platform used by a consortium of investment companies and blockchain startups led by Kofia. In addition, customers can use their smartphones to do user authentication without the need for a separate firm to ensure their protection.

The consortium enables the collaboration between 21 financial companies and five blockchain technology to develop blockchain solutions for the sector.

According to a Korea Herald report, the service of blockchain-based security platform  will be available in 11 local securities firms out of 56 in Korea.

Specifically, the service will allow customers to use and share their blockchain-based certificates and data amongst all financial institutions that are part of the Kofia consortium and will eliminate the need  for verification from a central authority such as the Korea Information Certificate Authority (KICA).

Chain ID, developed by Seoul-based blockchain startup theloop, will be launched  in November via Android and iOS apps before getting rolled out as desktop versions.

Home

Copyrights © 2018
Developed by Al-Iktissad Wal-Aamal Co.

Newsletter

Stay updated with the latest Blockchain news. Subscribe and never miss a story!