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Tuesday, October 26, 2021
Home News Korea's Online Banking Security Get's a Blockchain Powered Upgrade

Korea’s Online Banking Security Get’s a Blockchain Powered Upgrade

Today, Korea’s online banking security got its first major update in nearly 20 years, catapulting it from tech laggard to Blockchain-powered tech pioneer. theloop, whose Blockchain technology is already used by banks, securities firms, insurance companies and hospitals to securely share information, announced CHAIN ID, Korea’s new standard for secure online identification.

“Chain ID goes beyond merely replacing Korea’s outdated banking certificates. It puts Blockchain into the pocket of every Korean, setting the stage for widespread use of Blockchain-based transactions in a new Blockchain-powered financial ecosystem. Blockchain is the future,” stated CEO Jonghyup Kim.

CHAIN ID is a Blockchain identification service that allows customers to use the same certificate across any of the 25 banks and securities companies that have already joined the Korea Financial Investment Blockchain Consortium.

Korea has long been recognized as a world leader in super-fast internet, smartphones and TVs, but its online banking has been stuck in 1999. In that year, when online banking was new, the government mandated the use of personal identification certificates, based on the most secure technologies available at the time.

These government issued certificates require installation of additional Windows-only software that slows down transactions, bogs down even the fastest of computers, and deters third-party software integrations. Strict regulations and legacy compatibility issues have kept these certificates in use well into the age of smartphones.

CHAIN ID will debut on Android and iOS devices, with desktop versions for Windows and MacOS rolling out soon after. Unlike existing certificates, CHAIN ID does not need to be registered with each, individual financial institution, or checked with a central authority like the Korea Information Certificate Authority (KICA). This is thanks to the decentralized nature of Blockchain.

Starting in November, CHAIN ID will replace the outdated government-issued digital certificates with immutable, verifiable and interoperable Blockchain certificates. It was announced at an event hosted by the Korea Financial Investment Blockchain Consortium, and attended by CEOs from consortium companies, representatives of financial regulatory bodies and Blockchain experts from Korea and around the world.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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