Monday, December 9, 2019
Shinhan Bank Develops Blockchain-based Solar Power Verification System
To Ensure Transparency in Power Transactions
Shinhan Bank Develops Blockchain-based Solar Power Verification System
  • By Michael Herh
  • December 3, 2019, 14:16
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Shinhan Bank has developed a private key management solution in cooperation with blockchain companies to verify the amount of power produced by solar power plants.

A private key management solution has been developed by a commercial bank and blockchain companies to verify the amount of power produced by solar power plants and record it on the blockchain. The new system will prevent forgery and ensure transparency in power transactions.

Shinhan Bank announced on Dec. 2 that it has applied a private key management system (PKMS) to a solar power generation plant on a trial basis in collaboration with Kakao's blockchain technology affiliate GroundX and Hexlant, a blockchain technology research institute.

This technology will be applied to REDi, a blockchain-based data marketplace for the global renewable energy industry. REDi users can verify the power information of solar power plants through the private key management system integrated with the REDi trading platform, and can check the information recorded in the blockchain in real time.

Shinhan Bank is considering applying the private key management system to various fields. Co-developer Hexlant will also apply for designation of the PKMS as a blockchain fintech project by the Financial Services Commission to commercialize the technology under eased regulations.