KEB Hana Bank and Korea University will work together to apply a distributed ledger blockchain technology to issue student e-ID cards on a blockchain platform- a move to save time and costs required in issuing tons of student ID cards.
The joint-work is part of the agreement that both of the two parties have signed to cooperate in various sectors to jointly develop a variety of blockchain technologies.
Under the terms of agreement, both of the two parties will seek after a joint R&D project on blockchain technologies, share data and contents via a blockchain network, and jointly develop blockchain-centric services and products in what’ called as a synergy effect of industry- academia cooperation . They will also jointly operate an incubation center for venture start-ups as well as a training and education center for blockchain-dedicated engineers.
The joint-issuance project of student e-ID card is to share student registration information and then mutually and automatically certify their identity information using a distributed ledger technology to make sure whether they are qualified for student ID card holders. The project is expected to dramatically save time and costs, compared with the old way that the bank manually process and certify student registration information for student card issuance.
On top of that, the two parties will cooperate to invite more of players into the jointly-to-be developed blockchain platform ecosystem to establish a blockchain-based banking system that will simplify all document certification procedures and put paper-less business transactions system in place.
The country’s first bank member in the two global blockchain consortiums-IBM_led Hyperledger consortium and Ethereum Enterprise Alliance, KEB Hana Bank has been leading Korean financial industry’s embrace of blockchain technology.