The Korea Internet & Security Agency (KISA) and the Korea Housing Finance Corporation (HF) have signed a memorandum of understanding (MOU) to develop a blockchain-based storage system for documents, Korean news agency Newsis reports July 16. KISA and HF will introduce a blockchain system to manage electronic documents for mortgages and loans. KISA will provide HF with consulting and technology for building and operating the new system. HF, which provides housing finance services for low and middle-income families, will digitize paper documents and migrate them onto an online registered documents storage system. The system also aims to provide blockchain-based self-identification services in order to expand customers’ data protection and streamline the customer experience. HF CEO Jung-hwan Lee said that “We will improve our services so that customers can easily use the products of Housing Finance Corporation on mobile." Founded in 2004, HF is a state-run corporation that, according to its website, promotes the development of the Korean economy by helping provide a stable supply of housing funds. KISAis a sub-organization of the Korean Ministry of Science and ICT which oversees the cybersecurity of the Internet in South Korea. A range of educational, financial, and governmental organizations have begun to explore blockchain technology’s potential for securely and efficiently storing documents. In late June, a Russian university announced it will store diploma records using blockchain technology to improve document accessibility and authenticity. The Financial University said that all diplomas issued over the last ten years will be recorded using distributed ledger technology. In April, the Russian National Intellectual Property Transactions Coordination Center (IPChain) signed an agreement with the State Patent Office of Kyrgyzstan (KyrgyzPatent) to provide a system for digitizing patent records on a blockchain-based storage system. In March, major Polish bank PKO Bank Polski announced its partnership with blockchain startup Coinfirm to develop a blockchain-powered storage and verification system for bank documents. PKO bank hopes that the new measure will cut costs, as digitizing client records will eliminate the need for expensive paper documentation for over nine million customers.
0 Comments
Leave a Reply. |
CORWIN GROUPLatest News Archives
October 2021
CategoriesBy submitting this form, you provide consent for Corwin Group to email you occasionally with industry news and promotions. You may unsubscribe from these emails at any time.Testimonials & Disclaimer
Important Disclosure: By visiting this site, you agree to be bound by CorwinGroup’s Terms of Use and Privacy Policy. CorwinGroup.com is intended for accredited investors and otherwise qualified investors who understand and accept the risk associated with private investments. Investing in private investments on CorwinGroup involves risks, including, but not limited to market and industry risks, risks related to a specific property, currency fluctuation risk and liquidity constraints. Investments are not bank deposits and are not guaranteed. There is a potential for loss of part or ALL of the investment capital. CorwinGroup does not endorse any of the opportunities that appear on the site, nor does it make any recommendations regarding the appropriateness of particular opportunities for any investor. No correspondence or information provided on CorwinGroup.com or by any representative of CorwinGroup should be construed as a recommendation of a security. Each investor is advised to conduct his/her own due diligence as CorwinGroup does not provide any investment advice, business advice, or tax or legal advice. CorwinGroup is not registered under the Securities & Futures Act or the Financial Advisor’s Act. Neither the Securities and Exchange Commission in the country nor any federal or state securities commission or any other regulatory authority has recommended or approved of the investment or the accuracy or inaccuracy of any of the information or materials provided by or through the website. Please read Corwin’s Terms of Use for more detailed terms and conditions to which users of CorwinGroup are subject. |