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Housing Finance Corporation Joins Hands With Korean Internet Agency To Develop Blockchain Platform

Korea has made some impressive progress when it comes to integrating blockchain in various sectors. A Korean News Agency, Newsis, has reported about a recent development in the country which states that a memorandum of understanding has been signed by The Korea Internet & Security Agency (KISA) and the Korea Housing Finance Corporation (HF) which clearly indicates an agreement to develop a blockchain-based storage system for documents.

This new blockchain system would be dedicated to handling electronic documents for mortgages and loans. KISA, which is a sub-organization of the Korean Ministry of Science and ICT that oversees the cybersecurity of the Internet in South Korea, will provide its resources in terms of consulting and technology to HF so as to assist them in constructing and running the new system.

The Housing Finance Corporation is a state-run corporation that promotes the development of the Korean economy by helping provide a stable supply of housing funds. It provides housing finance services for low and middle-income families. What they aim to do through this new system is convert the paper documents into a digital version and move them to an online registered documents storage system.

Some steps are being taken to improve the data protection of customers and make their experience convenient by providing blockchain-based self-identification services. HF CEO Jung-hwan Lee said that “We will improve our services so that customers can easily use the products of Housing Finance Corporation on mobile.”

This sounds like a great new development in the blockchain sector in China that will ease paperwork and facilitate a smooth housing process.