Shinhan Bank develops security system on blockchain

Posted 15 August, 2019


Shinhan Bank, one of South Korea's largest banks, announced the launch of blockchain-based security systems. The creation of software products will be performed by the company Ground X and Hexlant, with which the relevant agreements were concluded.

The software will be based on a private key management system with several levels. The maximum access to the data will be provided to the bank management members. Ordinary users will be able to log into their personal accounts and make financial transactions only after passing through two-factor authentication.

Ground X will develop the main blockchain platform for the bank. Hexlant specialists will create a hacking protection system that will detect suspicious activity and block users until the circumstances are clarified. The presentation of the software and its commissioning are scheduled for the early fall of this year.

Security system testing should begin in September, but the launch is expected somewhat later unless experts detects bugs. Representatives of Shinhan Bank intends to begin distributing new private keys in October.

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