South Korea-based Shinhan Financial Group has announced that it has started the development of an integrated authentication service using blockchain technology, which marks the first such use case in the country’s financial sector.
The blockchain-based integrated authentication service is aimed at maximizing the ease of use of mobile apps. Previously, the various arms of Shinhan Financial Group used separate authentication applications. The blockchain-based integrated solution will simplify the process, allowing customers to access app services without separate sign-ins.
According to the official release, the solution is being developed in collaboration with Blocko. Shinhan Financial Group plans to launch the service in the first half of 2018.
Shinhan Bank has been spearheading blockchain initiatives in the country. It is participating in a blockchain pilot in collaboration with Woori Bank and the Japan Bank Consortium. In addition, the bank is also going to test Visa B2B Connect – Visa’s blockchain-based platform aimed at providing financial institutions a simple, fast and secure way to process business-to-business (B2B) payments globally.
Reports also suggested that Shinhan Bank would be developing cryptocurrency wallets for customers to store their digital assets securely. It has also invested 500 million Korean won in blockchain startup Streami through a direct stock purchase, after the startup won an incubator program early in 2015, run by Shinhan’s Future Lab.
[Note: The article has been produced by translating Shinhan Financial Group’s press release in Korean.]
