Korea Exchange Bank (KEB Hana Bank) Joins The Blockchain Technology Bandwagon

Korea Exchange Bank (KEB Hana Bank) Joins The Blockchain Technology Bandwagon

Korea Exchange Bank (KEB Hana Bank) has announced it has filed 46 patent applications with the nation’s authorities to enable its develop various distributed ledger technology (DLT) based systems, reports local news source ZDNet on February 13, 2019.

Revolutionizing The Banking Industry With Blockchain Technology

Blockchain technology, the groundbreaking tech powering bitcoin (BTC) and altcoins is gradually transforming a vast array of industries across the globe, including healthcare, fintech, and others.

In order not to be left behind in the blockchain movement, KEB Hana Bank, a highly reputed Korean lender that is also part of the Hana Financial Group (HFG), has reportedly announced that it has successfully filed an impressive 46 patent applications related to DLT.

Specifically, the financial institution has revealed that the patents are for the development of methods and systems for purchasing overseas products, systems, and methods for electronic contracts, as well as methods and system for offering clients' crypto assets services via blockchain technology.

Interestingly, unlike other firms that have filed blockchain patent applications in the past but are yet to develop any significant decentralized applications (dApps), KEB Hana Bank has reportedly claimed that it has already started building some of the filed patents.

KEB Hana Developing Blockchain-Based Internet Banking Solution

At a time when forward-thinking financial institutions are exploring ways to facilitate superfast, secure and cost-efficient cross-border payments through blockchain technology, KEB Hana Bank says it’s looking to develop an internet banking solution that would be based on DLT, to enable it to issues IOUs in a frictionless way.

Commenting on the development, the vice president of KEB Hana bank noted that the firm is determined to make the blockchain systems as robust as possible to ensure they successfully connect the new models with its internal operations.

In his words:

“The patent applications are not merely about applying blockchain technology into the banking system. It is very critical to connect the new business models and the bank’s internal systems through blockchain technology.”

Though nascent, it’s worth noting that blockchain technology adoption is slowly but steadily becoming ubiquitous and it’s just a matter of time before the revolutionary technology goes entirely mainstream.

In November 2018, Bitcoin Exchange Guide reported that a vast array of businesses including Microsoft, Google, Bank of America, Mastercard and IBM have all filed blockchain patent applications, to enable them to remain at the forefront of the revolution.

Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis Watch (Feb 13th)

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Ogwu Emma
Ogwu Emma
Ogwu Osaemezu Emmanuel is a blockchain analyst with several years of experience in the cryptospace. He writes regularly for several leading cryptocurrency platforms

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Second Half of 3-Yr Bull Market: Ether’s Crazy Run has 90% of its Supply in Profit

This past weekend, the price of Ether went past $400 to as high as about $420, a level last seen in July 2018. This...

Teenage Mastermind Behind the Twitter Hack Owns $3.39 Million in Bitcoin (300 BTC); Bail Set At $725k

The 17-year old Twitter-hack mastermind holds over $3 million in BTC value with only $725,000 set for bail. In a bizarre moment last month, Twitter...

Bitcoin (BTC) Jumped to $100,000 on Binance Futures

There have been several predictions that see Bitcoin hitting a six-digit figure. On Sunday, this became a reality, very briefly, thanks to an algorithm. Bitcoin...

Flash Crash Caused Serious Network Congestion for ETH, ETC, And ERC 20 Tokens on Coinbase

On August 1, the Ethereum's blockchain faced a spike in network transaction fees, causing a backlog in transfers across several exchanges. Coinbase and Binance,...

Bitcoin’s Wild Weekend Reminiscent of 2017 Bull Rally, ‘Higher Highs Ahead in 2020'

This past weekend, bitcoin had a rough time as the largest cryptocurrency made its way past $12,000 to $12,112 in trading just after midnight...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today