One of the oldest South Korea's financial institutions, Shinhan Bank, has announced the launch of its blockchain-based verification system that can replace the verification process of certification documents required in Korea, CNB Journal reports.
Shinhan Bank is the descendant of Hanseong Bank, the first modern bank in Korea. As of 2018, the bank's total assets were $254 billion.
The new system which was developed by the bank includes the affiliated institutions and banks that register and inquire encrypted OTP (One Time Password) information via blockchain technology.
Earlier this year, the Central Bank of South Korea issued a statement, according to which, the launch of a central bank digital currency (CBDC) may have "negative consequences on the South Korean financial system."
However, the blockchain adoption in Korea is stronger than ever. For instance, in February this year, the largest South Korea’s opposition party, the Liberty Korea Party, entered into a partnership with Taiwanese blockchain startup ioeX to facilitate the gathering of public opinion.
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