South Korean KB Kookmin Bank Adds Blockchain to Develop Its Results

KB Kookmin Bank wants to add blockchain into its processes. Above all, it`s one of the biggest and most important banks in Asia.

Blockchain can give the bank a lot, including graduates, financing, trade and much more.

What will the introduction of blockchain bring?

Firstly, this technology will help you optimize verification and optimize work with the ledger. Lee Wu-yol, director of information technology at Kookmin Design Bureau, said: “We see blockchain as a big wave that will disrupt finance in the future. We need to be ready for the moment when different types of assets turn into tokens, although we don’t know when that will be.”

Previous Bank Experience

In June, KB Kookmin signed a memorandum of understanding with blockchain technology company Atomrigs Lab to jointly develop digital asset management services using Atomrigs Lab technology and KB’s internal control infrastructure and data protection technology.

However, if we talk about problems, then the FSS stated that there is a problem with the so-called “standard for the extraction of suspicious transactions in the virtual currency processing business Kookmin Bank”.

Most likely, this experience will be reflected in many things, since we all know the typical attitude of the financial sector to the blockchain. On the one hand, these technologies are attractive, able to change and simplify many processes. On the other hand, the state does not fully trust digital innovations, so their implementation is quite slow and difficult.