Largest Foreign Exchange Bank in South Korea Files 46 Blockchain Related Patents
By Luke Flowers - Cryptocurrency Speculator
South Koreas KEB Hana Bank, their biggest Foreign Exchange (FX) bank, has filed for 46 blockchain related patents in one of the largest disclosures of Blockchain Intellectual Properties (IP), as reported by Cointelegraph. This shows strong interest from larger financial institutions to benefit from using the technology.
The applications range from methods and systems for purchasing overseas products, systems and methods for electronic contracts and methods and systems for providing digital asset services using blockchain technology. These patents are currently under development with no disclosures of exactly how they’re to be implemented.
The bank does not currently deal in cryptocurrencies but have not ruled out that we may be able to buy crypto from them in the future as one of the patents is for methods and systems for providing digital asset services using blockchain technology. The bank could even develop an exchange to buy and sell cryptocurrency or other services such as custody for the safe keeping of digital assets.
Hana Bank is looking into methods for purchasing overseas products. This could be in the form of a cryptocurrency to achieve instant settlement though it has not been said if their system will interact with a current cryptocurrency. If the bank was to issue their own coin, users and institutions could buy cryptocurrency for commercial use reducing overheads.
Hana Bank is allegedly developing an internet banking service base on blockchain technology. This system will allow to issuance of IOUs which current blockchains do not permit. The majority of blockchains require the funds be available at the time of the transaction and a time for the transactions to take place cannot be set.
Banking institution are some of the most prominent when it comes to filling blockchain related patents. The Bank of America (BOA) had filled more than 50 applications for blockchain technology by Autumn 2018.
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