BNK Financial Group (Chairman Kim Ji-wan) is working on internalizing many Ethereum-based blockchain technologies. Its plan is to internalize various blockchain technologies and utilize them to make its major financial services such as customer mileage, authentication system, and wire transfer service more effective starting from next year. For this, it is planning to work on various demonstration projects with global consortiums through EEA (Enterprise Ethereum Alliance).
According to financial industry, BNK Financial Group signed a partnership with QRAFT ETHER (CEO Park Joon-ho) that has been designated as EEA’s South Korean branch.
BNK Financial Group and QRAFT ETHER will work on developing financial services through blockchain technology, exchange personnel, and co-participate in global consortiums through EEA.
BNK Financial Group, which has many local banks, is planning to set up joint camps with global businesses by actively utilizing blockchain technology. By doing so, it will reform image as a digital leading bank.
QRAFT ETHER was designated as EEA’s South Korean branch and it is planning to provide relevant technologies and education for companies and groups that are planning to adopt blockchain technology.
Although there are some concerns towards blockchain industry due to a fall in cryptocurrency prices, number of demands for enterprise blockchain is continuing to grow. Many companies are combining blockchain technology and IoT (Internet of Things) technology and utilize them to solve problems that they are faced with.
“Blockchain and IoT technologies can also be applied to expensive seafood distribution markets and various blockchain projects can be used to vitalize local economy in Busan and Gyeongnam regions.” said CEO Park Joon-ho of QRAFT ETHER.
BNK Financial Group is also going to start looking for many new financial services next year by working with QRAFT ETHER.
This is the first time when a local financial business is pushing to internalize its work by working with a private blockchain company.
“While commercial banks are looking into blockchain-related businesses, we took one step ahead and have been discussing with leading blockchain companies about internalizing our work.” said a representative for BNK Financial Group. “We are going to start internalizing our work such as comprehensive authentication system on full-scale.”
BNK Financial Group is looking into connecting its authentication system, electronic signature system, loyalty program, wire transfer system, and digital asset management to blockchain. Also, it is focused on securing partners not just in Busan and Gyeongnam regions but entire South Korea. Its goal is to create successful enterprise blockchain case by using QRAFT ETHER’s global network at the same time.
Recently, EEA set up a joint camp with Hyper Ledger that has many global businesses as its members. It is expected that BNK Financial Group will be able to utilize Hyper Ledger’s network as well through EEA. About 570 businesses are currently participating as members of EEA and global businesses such as Intel, BBVA, Microsoft, and Accenture are currently pushing to commercialize enterprise blockchain platforms..
Staff Reporter Gil, Jaeshik | osolgil@etnews.com