South Korea looks at blockchain system for loans and mortgages

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.