Blockchain News

A Blockchain Patent for South Korea

Cryptochats-SouthKoreaPatent

Security in the cryptocurrency world has been a problem since day one. Peoples crypto assets have been compromised in an instant due to infected downloads and faulty apps. South Korea’s most notable financial holding company, KB Financial Group Inc, has taken notice. Though less that 25% of South Korea’s population reports having interest in investing into crypto assets, the KB Financial Group is looking big picture.

KB Financial Group Inc manages multiple assets and banks including South Korea’s largest bank, KB Kookmin Bank.

KB’s newly acquired patent is on a newly developed blockchain-fintech (financial technology) application designed to boost security on devices. They call doing this an ‘essential’ move in cybersecurity.

The security improvement supposedly works across all apps on a device (like a cell phone) without requiring the apps to be updated. At the center of the solution is blockchain technology working with private and public encryptions. The idea is that even if a users cell phone is hacked through an app or stolen, no transactions would be validated.

According to a report from a South Korean news outlet, KB Financial plans to release this technology into public hands in more vulnerable markets first, such as the south east Asia region.

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