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Major Korean Financial Holding Company Wins Blockchain Patent for Improved Fintech Security

Leading South Korean monetary protecting corporate KB Financial Group Inc. has been awarded a patent for a blockchain-based fintech app safety answer, South Korean financial information shops The Digital Times reports Monday, Oct. 15.

KB Financial is reported to have over $342 billion in belongings beneath control and presides over a couple of in a foreign country and home subsidiaries, amongst them KB Kookmin Bank, the rustic’s largest financial institution and likewise the 60th biggest financial institution globally as of 2017.

KB’s new patent makes a speciality of a blockchain-based option to fortify an “essential” safety program for fintech programs. The newly patented generation reportedly separates this safety program from particular person apps, that means that protection shall be enhanced throughout a couple of apps with out customers desiring to improve new variations of each and every app one by one.

According to DT, the personal encryption and decryption keys on the core of the brand new safety answer shall be separable and storable on a delegated blockchain machine, that means that although a person’s bodily tool (i.e. mobile phone) is hacked or stolen, any illicit transactions can be blocked.

KB reportedly plans to enforce its newly patented answer in in a foreign country markets corresponding to Southeast Asia; DT states the marketplace is regarded as particularly “vulnerable” to hacking because of the reported approval for downloading pirate apps to gadgets corresponding to cellphones.

As reported this August, KB released an in-house record on crypto investments, discovering that virtually 75 p.c of home respondents printed no goal to spend money on the rising asset magnificence.

KB’s record coincided with a Bank of Korea record released this July, which reported that crypto does no longer pose any risk to the native monetary marketplace, pointing to the reasonably low exceptional steadiness of crypto accounts in home banks as when compared with different fairness markets.

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