Hana Financial Group subsidiary, Korea Exchange Bank (KEB Hana Bank), revealed filing 46 patents concerning the application of blockchain technology for its banking system
Banking establishments are finding more use cases for blockchain. The Bank of America is known for having over 50 blockchain-related patent applications during 2018. On 13 February, as CoinTelegraph reports, the KEB Hana Bank accomplished 46 requests for exclusive rights for its methods and systems meant for procuring products from abroad, for electronic contracts, and for delivering digital asset services using the technology.
According to the crypto news outlet, a number of the patents are already in development.
The Vice President of KEB Hana Bank, Han Jun-Seong, stated that the patent requests are merely for meshing blockchain with the banking system, ‘It is important to connect the new business models and the bank’s internal system through a blockchain.’
An online banking service built on the blockchain is also being prepared by the South Korean bank. This project will allow for IOU issuance.
KEB Hana Bank
Founded in 1967, the Korea Exchange Bank is among the top-five banks in South Korea. It is the largest forex bank in the country, offering a wide array of products catering to foreign exchange. In 2012, it was successfully acquired by Hana Financial Group for $3.9 bln (4.4 tln won).