46 Blockchain Patents Filed By South Korean Foreign Exchange Bank KEB Hana

The KEB Hana Bank, that is the largest foreign exchange bank of South Korea, has declared that that it has filed for forty six applications for blockchain-based business ideas. It is no news that there are a tonne of business benefits of blockchain and clearly, KEB Hana wants to tap into them quite actively.

According to latest reports, this foreign exchange bank, which operates under the Hana Financial Group or HFG (a major banking company of the country), has completed the application process for 46 new, prospective payments. The business models that the banking firm hopes to patent include ways to purchase products from sources abroad, methods to design and process electronic contracts and more. Using blockchain technology to provide digital asset services also seems to be a key part of this.

As their announcement notes, some of the business models and systems are already being worked upon as they filed for the patents. Besides these, the KEB Hana Bank is also involved in developing a new internet banking service model. This new model will be based on blockchain technology and will be designed in a way that makes IOU issuance possible. The vice president of the KEB Hana Bank, Jun-Seong stated in relation to the patent applications that:

“The patent applications are not just about applying blockchain technology into the banking [system]. It is important to connect the new business models and the bank’s internal system through a blockchain.”

Another statement from the bank read:

“Although it is possible to purchase overseas goods using Internet community and social network services, there was a possibility of reliability problem or fraud.” We expect to complement this through block-chain-based platform. “

With so many patents being applied for, the KEB Hana Bank joins notable banks around the world trying to make the most of this technology. In fact, as we have reported before, US’s Bank of America has already amassed over 50 blockchain patents for itself and the promise of a blockchain revolution in the banking sector seems quite real.