South Korean Consortium enables Blockchain security upgrade

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.