The Korea Housing Finance Corporation (HF) together with the Korea Internet and Security Agency (KISA), have just signed an MOU that will aid in the development of a blockchain technology based storage system for various documents, this is according to a report by a Korean news agency on 16th July.
The partnership of HF and KISA will be able to introduce a blockchain technology system that will be able to manage various electronic documents for processing loan and mortgages effectively. KISA will be responsible for providing the needed consulting and also the technology for building the appropriate and efficient system.
While HF, will be presenting the housing finance services in the partnership, this will be for the low and middle-income households; they will ensure they have digitized the paper documents and ensure they have effectively migrated to the online platform in the registered documents storage system.
But this is not all, as the system they are designing aims in providing a blockchain based self-identification service, this is all to ensure they have expanded the customer data protection and in turn, this should ensure they have streamlined the experience for their various customers.
The CEO for HF, Jung-Hwang Lee went ahead to say they will ensure they have improved their services so that the multiple customers for the company are able to use the products of HF efficiently on their mobile.
More About The Housing Finance Corporation And Korea Internet And Security Agency
HF was founded in 2004, which is a state-run corporation. According to the company website, the company has been able to promote developments in the Korean economy; this is by ensuring they have provided a stable supply of the needed housing Funds.
When we look at KISA, it is more of a sub-organization that is part of the Korean Ministry of Science and also ICT. It has been able to oversee the cybersecurity put in place on the internet in South Korea.
More Companies And Platforms Adopting The Blockchain Technology
Currently, there is a number of financial, education and government organizations that have started to explore the potential that the current blockchain technology is able to offer, in terms of security and also efficiently storing the company documents. A Russian University just announced in late June that it would be storing the diploma records in the blockchain technology, this is just to ensure there is improved document authenticity and also accessibility.
The university went ahead to say that all the diplomas that have been issued over the past ten years will also be recorded using the distributed ledger technology. The Russian-National-Intellectual-Property-Transactions-Coordination-Center referred to as IPCHAIN, and the State-Patent-Office of Kyrgyzstan has just signed an agreement that will be able to provide a system where they can digitize the patent records and stored on a blockchain based system.
While in March, a big Bank in Polish also announced that it has confirmed the partnership it has gotten into with various startups in the blockchain technology, this is to ensure they are able to develop a blockchain powered verification and storage system for the multiple documents that bank has. The bank also hopes that with the new move it helps in cutting the overall costs in the bank, as the digitizing of their client's records will eliminate the cost of purchasing paper for documentation for there more than nine million customers.