According to The News Asia, the Bank of Korea (BOK) is using blockchain technology in its banking sector also in order to commercialize the infrastructure. It has acquired Bank Sign for this purpose. It will help in transferring the financial services to a more organized structural framework. It will also help in making everything one step away with digital services. People will trust more the authentication and transparency of the system and will be able to invest in blockchain technology.
Bank Sign is a blockchain-based co-verification system that allows authenticated data to transfer among banks and financial institutions.
Bank sign as a replacement for digital ID
South Korea’s central bank plans to offer Bank Sign as a replacement for “Digital ID” (DID ). The COVID-19 pandemic situation is forcing South Korea’s banking stakeholders to consider other alternatives rather than currency exchanges such as digital alternatives for live operations.
Since the corona pandemic, organizations and banks have been trying to make everything online and operational through the digital space. Many people also believe that this pandemic can have positive outcomes for the emerging industries as they will render everything online.
Favoring the benefits of adopting Bank Sign, a BOK official told The News Asia:
I expect that through cooperation, we will be able to realize cost reduction, service improvements, and discovery of new businesses
The BOK adopting a blockchain digital ID system will not only strengthen the infrastructure but also will help in the development of advanced technology.
Collaborating with Sendsquare to utilize blockchain in medical storage
According to BTC Manager, the government is now planning to induce blockchain technology in medicine too by work in partnership with Send square.