‘Blockchain ID’ introduced to MTS next month…no more Certified Certificate
Source: ETNEWS.com View Original
//Translated from Korean Language//
Blockchain personal authentication will be introduced next month in the securities firms’ Mobile Trading System (MTS).
This blockchain technology is the first in Korea to be applied to the general consumers. In the future, when the joint blockchain is expanded, financial consumers will be able to use all financial transactions free-of-charge as well as banks and securities firms without issuing a general certificate. Beyond personal authentication services, the blockchain has come to real life, from sharing card information to banking information.
According to the financial investment industry, the financial investment industry blockchain consortium will finalize the construction of a personal authentication system based on PKI using blockchain next month and enter into the trial service. ‘Blockchain Authentication’ will be added to 25 brokerage MTS certification centers participating in the consortium with the launch of the trial service.
According to an official from Korea Financial Investment Association, “The blockchain certification does not require a separate expiration period, but the three-year renewal period has been set in consideration of the replacement period of the smartphone.” If a consortium is formed, “We can proceed with the transaction once with the certification.” It is expected to be a universal certificate alternative.
Of the 25 securities companies participating in the consortium, four companies including Yuanta Securities, Meritz Securities, Kiwoom Securities, and Hyundai Investment & Securities completed development of the system during this month. The other 20 securities companies will also start trial service after system development by next month.
An official of Kiwoom Securities said, “We will be able to apply it to various businesses that require integrity and non-repudiation as well as joint certification.”
“We are actively participating in building a blockchain co-certification service to improve employee understanding and skill acquisition of blockchain technology, which is attracting attention as a future technology,” an official from Hyundai Investment & Securities said.
In the meantime, the blockchain technology has been considered as the core technology of the 4th industrial revolution along with artificial intelligence (AI) and big data , but it was difficult for the general public to feel it.
“It is difficult for banking chains to have great destructive power without combining with specific services,” said Kim Tae-ryong, chief executive of the Korea Financial Investment Association. “The reason why the financial investment industry chose personal authentication and information sharing as the first business of the blockchain is that it can provide customer service and because they can add a variety of authentication-based services."
This is also the reason why the financial sector, especially the stock market, which is far from the 4th industrial revolution, is moving so fast. It is possible to reduce the cost due to the storage of the authorized certificate information which can be saved only by the introduction of the blockchain authentication right now.
Other expenses such as clearing and settlement of over-the-counter bonds can also be significantly reduced. The financial-investment industry blockchain consortium held a general meeting on July 7 and confirmed the improvement of accident prevention system for personal information importers as a second blockchain business. If securities information that is reported to Financial Supervisory Service is shared within the blockchain network, each brokerage firm can transmit the report contents in real time and automatically. The completion of the second project is completed at the end of October.
Each broker began to examine how to integrate virtual coins such as Bitcoin and Ethereum into the financial investment business with the start of the second business. “The banking industry is approaching from the perspective of drawing the long-term blueprint of the fourth industrial revolution, rather than expecting the blockchain to bring about a rosy future,” said Hwang Kuk-chae, chairman of the CIO “We will look into the possibility of using it in various fields such as over-the-counter bonds.”
Hwang Young-ki, chairman of the Korea Financial Investment Association, said, “This year, Korea’s financial industry will be the first year to make use of the blockchain.” The blockchain infrastructure that will be introduced this year will be used in all financial industries, “He said.