Korean blockchain bank and fifth-largest bank in the country, Nonghyup, have started utilizing blockchain technology to validate the identity of their staff.
Nonghyup has created a Distributed ID blockchain that is managed by an ID card system, which was designed by Nonghyup adjacent SK Telecom.
More than 20 of the Korean Blockchain Bank staff will utilize the new ID system to register when they come in and leave work with a digital key card on their mobile phones to go in and outside the firm.
The system records and works on data on a blockchain network as records on it can’t be modified and won’t get dripped.
Korean Blockchain Bank to use tech for in-house payment
With the ID recently on trial, it is stated that if the process is prosperous, the bank plans to lengthen services on blockchain.
The collaboration between the bank and the telecom company is among the Initial DID Alliance put in place by a conglomerate of firms in the Asian country alongside Woori Bank, Samsung, etc.
Vice president of Nonghyup bank, Jang Seung, revealed that onwards, the kind of rivalry in the fintech world would determine how all financial institutions would work in years to come.
He stated Nonghyup would try to encourage growth with the latest tech like distributed ID. Reportedly, the financial institution will try to add more functions alongside in-house online payments and meeting management after the ID test is prosperous.
Nonghyup, crypto endorsed Korean bank
Supposed to be the fifth-largest bank, the institution since 2018 has been known to be cryptocurrency-friendly. In the east Asian country, only Nonghyup associated with Bithumb to continue with cryptocurrency transactions.
Cryptocurrency exchange firms in the country resort to utilizing virtual bank accounts to process transactions. This account enables them to make instant deposits or withdrawal of fiat currency. It will allow firms to possess just the money remotely on exchanges.
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