KB Financial Group (Chairman Yoon Jong-kyu) announced that it obtained a patent for ‘application security solution technology based on blockchain technology’.
This technology improves security programs that are necessary for financial applications and makes level of convenience and security satisfactory.
Generally, a new version of a financial application must be downloaded to upgrade a security program of a financial application. However, this technology separates a security program from an application and upgrades the corresponding program.
Encrypted keys, which are keys to security modules, are separated and stored into blockchain network to prevent against possible hackings. For example, even when a hacker hacks into a Smartphone application, he or she is not able to make illegal transactions since security modules are separated. Even when security modules are hacked, applications are still safe since encrypted keys are stored in blockchain network.
KB Financial Group is planning to actively utilize this technology for foreign markets such as South-East Asian markets where security is vulnerable since it can be used as a security solution for various business models. To do this, it already finished applying for PCT (Patent Cooperation Treaty), which is a preliminary step for applying patents in foreign countries.
In South-East Asian countries, customers change (rooting) their phones to install programs illegally and this results in Smartphones becoming vulnerable to hackers. However, KB Financial Group’s technology protects applications from hackers even when phones are hacked.
“We are planning to launch blockchain-based services starting with this technology.” said a representative for KB Financial Group.
Staff Reporter Gil, Jaeshik | osolgil@etnews.com