Major South Korean KB Kookmin Bank Adopts Blockchain Tech; Anticipating Digital Revolution

As the concept of blockchain becomes more and more widespread, many companies are roping it in to help with their internal processes.

The institution stated that blockchain technology offers a multitude of benefits for the financial industry. Things like trading, custodial services, and even issuing of digital tokens would all slick the gears of the billion-dollar industry.

KB Kookmin’s CEO, Hur Yin, stated that the purpose of a financial service was to deliver offerings of value to the client. He believes that the financial sector as a whole will be able to provide innovative new services by way of blockchain.

The bank’s Chief Information Officer, Lee Woo-yeol, stressed how important it was for companies to adapt to the rising technologies of the future. He explained how the financial sector was experiencing a paradigm shift. In the past, companies could retroactively adjust to the new technologies, but Lee says that that time has passed. Lee says that companies will not be able to adopt unless they are already prepared to do so.

Lee introduced KB’s concept of ongoing experimentation with new technology, stating that the bank had transformed its IT infrastructure into a cloud-based one.

Lee explained that there are a lot of instances where people or companies bring some great ideas or technology that KB wishes to cooperate with. Because of this, KB has opened a branch run by tech experts, to enable them to implement new technologies while on site.

Lee stated that KB sees blockchain as a big wave: something that will irreversibly disrupt the financial sector in the future. He doesn’t know when it will happen, only that it shall. He stated in particular that KB needed to be ready for the time different types of assets are turned into tokens.

As a final note, Lee stated that KB, as a whole, strives for coexistence and cooperation. KB is testing various services in tandem with other corporations. One of these developments is an application programming interface with the intent of saving digital assets.

KB Kookmin and Atomrigs Lab

In June this year, KB Kookmin signed a Memorandum of Understanding with a blockchain tech firm by the name of Atomrigs Lab. This is to practice a joint venture in developing a type of digital asset management service. This service would make use of KB Kookmin’s data protection and internal control technologies, as well as Atomrigs Lab’s technology.

As the world starts changing with a faster and faster pace, KB Kookmin’s mentality of “Prepare to Change” is the exact mentality that should be taken in with many of these major companies. While many may fail, many will succeed. The world is changing, and the one we grew up in will not be the one we grow old in.

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