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Major Korean Financial Holding Company Wins Blockchain Patent for Improved Fintech Security

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NEWS

Leading South Korean financial holding company KB Financial Group Inc. has been awarded a patent for a blockchain-based fintech app security solution, South Korean economic news outlets The Digital Times reportsMonday, Oct. 15.

KB Financial is reported to have over $342 billion in assets under management and presides over multiple overseas and domestic subsidiaries, among them KB Kookmin Bank, the country’s largest bank and also the 60th largest bank globally as of 2017.

KB’s new patent focuses on a blockchain-based solution to improve an “essential” security program for fintech applications. The newly patented technology reportedly separates this security program from individual apps, meaning that safety will be enhanced across multiple apps without users needing to upgrade new versions of each app separately.

According to DT, the private encryption and decryption keys at the core of the new security solution will be separable and storable on a designated blockchain system, meaning that even if a user’s physical device (i.e. cell phone) is hacked or stolen, any illicit transactions would be blocked.

KB reportedly plans to implement its newly patented solution in overseas markets such as Southeast Asia; DT states the market is considered especially “vulnerable” to hacking due to the reported popularity of downloading pirate apps to devices such as cell phones.

As reported this August, KB released an in-house report on crypto investments, finding that almost 75 percent of domestic respondents revealed no intention to invest in the emerging asset class.

KB’s report coincided with a Bank of Korea report released this July, which reported that crypto does not pose any threat to the local financial market, pointing to the relatively low outstanding balance of crypto accounts in domestic banks as compared with other equity markets.

Source: cointelegraph 
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#fintechLos venezolanos solo pueden usar la criptomoneda respaldada por el estado, el Petro, para pagar las tarifas de los pasaportes a partir de la próxima semana, dijo la vicepresidenta del país, Delcy Rodríguez, en una conferencia de prensa el viernes 5 de octubre.
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Antes del "lanzamiento" oficial de Petro en noviembre, Rodríguez confirmó que a partir del lunes 8 de octubre, las tarifas para todas las solicitudes de pasaportes solo se pagarán en Petro y tendrán un costo mayor: 2 petros por un nuevo pasaporte y 1 petro por una extensión.
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El salario mínimo mensual promedio en Venezuela, informa Bloomberg, es cuatro veces menor que el costo elevado de la tarifa de pasaporte. .
Los pagos de Petro por los pasaportes parecen reflejar el intento del gobierno de hacer cumplir su estricta política de migración y promover la criptomoneda nacional simultáneamente, lo cual realmente va en contra de la esencia de las Criptomonedas, las cuales fueron creadas como una alternativa a las monedas tradicionales centrales. Pero cuando un gobierno te quiere obligar a hacer pagos con una moneda impuesta por ellos, así sea una Criptomoneda ´´innovadora´´, realmente no están ofreciendo nada nuevo.
Fuente: El UniversalTrading Crypto is a relatively new industry.

This week on crypto and blockchain talk we invited crypto trader and investor, Siim Õunap, to our studio to get his answers to the following questions: 💡Why should I invest in cryptocurrency?
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