Bitcoin Transaction
IBM announced on May 24 that it is discussing how to turn blockchain technology into a business model with South Korean financial companies.
Blockchain, which is a part of the latest security technology in the field of fintech, can be defined as data storage on a block-by-block basis for the realization of bitcoin. When blockchain is adopted, all organizations participating in bitcoin transactions can reduce their security costs to a significant extent based on a distributed management of encrypted data.
IBM is making a substantial investment in blockchain technology as its future growth driver. In South Korea, the Hana Financial Group is currently a member of R3 CEV, a global blockchain consortium. KB Kookmin Bank recently set up a system for non-face-to-face real name verification by making use of the same technology.
In December last year, the Linux Foundation and IBM formed another blockchain consortium with companies such as JP Morgan, Intel, Cisco and Hitachi. Two months later, IBM provided blockchain technology for the Japan Stock Exchange for the trading of unlisted shares. It is looking to enhance work efficiency in the sectors including transport logistics and manufacturing by utilizing the technology as well.