Shinhan Bank, one of the largest banking institutions in South Korea, has entered into a partnership with Klaytn, a global blockchain platform developed by Kakao's subsidiary Ground X. According to the Monday announcement, Shinhan Bank has joined Klaytn’s blockchain governance council and become a member of the co-governance of the Klaytn blockchain. As part of the new partnership, Shinhan will be also involved in the development of Klaytn-based digital services to support fintech innovation. Launched in June 2019, Klaytn is a blockchain service provider focusing on integrating blockchain solutions into enterprise-grade infrastructures. The Klaytn blockchain is a hybrid blockchain network, …
South Korea's central bank, the Bank of Korea, has conducted new research and analysis on the progress of central bank digital currencies — or CBDCs — around the world. The bank released its “Overseas CBDC Progress Report” on May 18, in which the institution analyzed the CBDC projects of 14 central banks. New tech is a catalysts for CBDC projects The bank found that recent advances in payment settlements, decentralized ledger technology and the sharp declines in cash use are the main factors driving central banks to research and develop CBDCs. Most central banks in the report are currently developing …
Ethereum software company ConsenSys has formed a technical partnership with Kakao’s Klaytn blockchain, with a goal to develop a private platform for the issuance of a South Korean central bank digital currency, or CBDC. Klaytn is a public blockchain developed by Ground X, a blockchain affiliate of the South Korean internet company Kakao. Best known for its Kakao Talk mobile messaging app, Kakao has since branched out into the shopping and travel industries, among others. In 2019, the company commenced work on the Klaytn blockchain, which by the time of publication has the 25th-largest market capitalization in the cryptocurrency space. …
Samsung SDS, Dutch bank ABN AMRO and the Port of Rotterdam have jointly conducted a proof-of-concept (PoC) shipment from South Korea to the Netherlands in which they tracked a container exclusively using an interoperable blockchain platform, according to a report by The Maritime Executive on July 1. According to the announcement, the container was tracked via the blockchain platform “DELIVER,” which allowed for the shipment to be instantly financed, fully tracked, and conducted paperlessly. According to Port of Rotterdam CFO Paul Smits, the traditional process of shipping is usually paper-heavy and inefficient: “Currently payments, administration and the physical transportation of …
Busan, South Korea's second most-populous city after Seoul, is considering the launch of a local cryptocurrency, Korean tech news publication ETnews reports July 1. According to the report, Busan city authorities are seeking to develop a blockchain-based digital currency project in collaboration with BNK Busan Bank, a subsidiary of local holding company BNK Financial Group. Specifically, Busan is reportedly developing a crypto project in the form of stablecoin, a cryptocurrency pegged 1:1 to the local currency in the BNK Busan bank account. By issuing a local digital currency, Busan expects to revive the local economy, as well as to secure …