Blockchain

South Korea looks at blockchain system for loans and mortgages

South Korean officials appear to be pivoting towards greater crypto freedom

State-run Korea Internet and Security Agency (KISA) and Korean Housing Finance Corporation (HF) have signed a memorandum of understanding to develop a blockchain-based storage system to manage electronic documents for mortgages and loans.

The system is also aimed at providing blockchain-based self-ID services to expand the protection of customers’ data and streamline their experience. Based on the agreement, KISA will provide the housing firm with consulting and technology for the creation and operation of the system.

“We’ll improve our services so that customers can easily use the products of Housing Finance Corporation on their mobiles,” says Jung-hwan Lee, CEO of HF, which provides housing finance services for low and middle-income families.

Earlier in July, South Korea revealed legislators were working on new classification standards for the blockchain industry which should be ready by the end of this month. South Korean legislators are also drafting bills aimed at regulating cryptocurrencies, ICO’s and blockchain technology.

Olivier Acuña

Olivier has been writing for over 30 years. He has been based in six countries working for major news outlets including the Guardian, UPI & AP. He has covered massive earthquakes, presidential elections, immigration, and taken photos standing in the middle of shootouts between drug cartels, gone undercover to investigate organised crime, interviewed presidents, former presidents, heads of international organisations.