Brokerage companies in South Korea are planning to offer a blockchain-based joint authentication service in a move to further strengthen security.
According to the report by Korean Herald, the blockchain pilot project will involve 25 securities companies and five blockchain firms. According to Lee Sang-gi, an official handling the issue at Koscom Corp., the system manager of South Korean bourse operator Korea Exchange, the blockchain pilot is set to begin within this month.
These brokerage companies will provide full scale blockchain-based financial services around the month of October, although the timing is not confirmed, Lee added. This announcement was made during a seminar on electronic finance organized by the Bank of Korea in central Seoul.
Blockchain technology has been booming in South Korea recently. The Bank of Korea considered blockchain implementation for major settlement services such as the BoK wire+ (Bank of Korea settlement system), last December. Also, the country got its first blockchain-based digital currency ‘BOSCoin’, which is said to be an imported version of existing cryptocurrencies such as bitcoin and ether.
Also, earlier this year, Bank of Korea said it will carry out the Proof-of-Concept project with R3 consortium by using blockchain technology.
