Large South Korean Bank KB Kookmin Bank switches to Blockchain

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As reported in a piece of Korean news, KB Kookmin Bank announced that the institution intended to deploy blockchain technology into its internal processes, during his presentation at the Enterprise Ethereum and Revolution in Banking Summit conference.

Hur Yin, CEO of KB Kookmin Bank stated that blockchain can provide many different benefits to the financial industry, from digital tokens, financing, custodial services to trading. He later elaborated that the ultimate goal of the financial service is to deliver valuable prepositions to customers.

The bank is most interested in implementing a decentralized distributed ledger system to combat money laundering and facilitate verification services, custodial services, and security token offerings.

Lee Woo-yeol, director of information for the bank is quoted saying that “I believe that the financial sector will be able to provide innovative services through blockchain”.

KB Kookmin Bank started a partnership with Atomrigs Lab to work on developing a system designed to store digital assets in June.