The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Korea sets record of half million economically inactive youth

  • 3

    Actor Yoo Ah-in to appear for questioning Friday over alleged drug use

  • 5

    Commuters still wear masks despite end of mask mandate on public transportation

  • 7

    INTERVIEWNorth Korean-born chef delights Southerners' taste buds, breaks down cultural barriers

  • 9

    COVID-hit Myeong-dong bounces back as tourists return

  • 11

    Brides in early 40s outnumber those in early 20s

  • 13

    Public officials reluctant to dine with coworkers

  • 15

    TWICE's new album hits No. 2 on Billboard 200

  • 17

    Celebrities head back abroad to film K-food reality shows

  • 19

    N. Korea holds nuclear counterattack simulation drills; Kim urges perfect readiness

  • 2

    Woman killed in stopped car struck by bus on highway

  • 4

    Video footage highlights details of stepmother's fatal abuse of 12-year-old

  • 6

    KAIST student becomes first Korean recipient of Apple Scholars fellowship

  • 8

    American admits to train graffiti-related charges but calls himself artist

  • 10

    BLACKPINK Jennie's 'Solo' music video hits record high 900 mil. YouTube views

  • 12

    OTT service providers negatively impacted by illegal streaming website

  • 14

    Lee Se-young to lead MBC's new series 'The Story of Park's Marriage Contract'

  • 16

    Japanese students' field trips to Korea resume after pandemic hiatus

  • 18

    ANALYSISYoon-Kishida meeting raises expectations of 3-way summit with China

  • 20

    Korean startup Innospace launches test launch vehicle HANBIT-TLV

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Wed, March 22, 2023 | 15:33
Economy
Shinhan uses blockchain in work process
Posted : 2018-12-10 17:17
Updated : 2018-12-10 17:38
Lee Kyung-min
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link

By Lee Kyung-min

Shinhan Bank initiated a project to implement blockchain-based work process to expand the use of the new technology to the full extent of its financial services as well as internal protocol management, it said Monday.

Shinhan Bank CEO Wi Sung-ho
Shinhan Bank CEO Wi Sung-ho
The effort spearheaded by the bank CEO Wi Sung-ho is part of a digital transformation, an initiative led by many global financial services firms amid a growing need for tighter integration between information technology and traditional financial services for efficient management in a fast-changing business environment.

The bank said blockchain was fully adopted with transactions involving Interest Rate Swap (IRS) Nov. 30, the first time a local financial services firm has implement the technology in the sophisticated form of finance.

Similarly, the bank adopted "Smart Contract," a financial method used for derivatives transaction, where tasks formerly managed by workers were undertaken by the computerized program, which leaves no room for error thereby improving accuracy and reliability of work products.

"Prior to the blockchain-based process, there had been no standardized rules governing keeping and managing financial records, a reason why market participants had to rely on their own records which often times led to errors despite the cross-checking process requirement," a Shinhan official said.

"The new system helps remove such human errors and helps improve work efficiency through clearer, task-related communications rather than wasting time on correcting mistakes. The program will be expanded after it proves to be stable. We will continue to develop new technology that can be put in place for various departments."

Meanwhile, Blockchain Lab, a special strategy-oriented research body within the bank, has completed a process whereby company officials were trained for customer services that they deem have room for improvement with the use of blockchain technology.

About 400 working-level, senior officials attended training sessions held over 20 occasions between March and November and were encouraged to come up with ideas to facilitate the project in departments that require frequent data sharing and verification with outside bodies.

They include financing businesses with export or import, lending, as well as that involving derivatives, stocks, bonds, foreign currency exchange or remittance and pension.

Blockchain, known to be resistant to data modification, is considered an efficient, verifiable and permanent method of keeping record of transactions between parties given that the data recorded cannot be easily altered retroactively, which helps ensure accountability.




Emaillkm@koreatimes.co.kr Article ListMore articles by this reporter
 
LG Group
Top 10 Stories
1Japanese students' field trips to Korea resume after pandemic hiatus Japanese students' field trips to Korea resume after pandemic hiatus
2Possibly next SOHO, Seoul selects 5 neighborhoods for new signature 'K-alleys' Possibly next SOHO, Seoul selects 5 neighborhoods for new signature 'K-alleys'
3President Yoon refutes criticism of fence-mending summit with Japan President Yoon refutes criticism of fence-mending summit with Japan
4Kakao criticized for half-baked AI chatbot Kakao criticized for half-baked AI chatbot
5Lotte desperate to win LVMH Chairman Arnault's heart Lotte desperate to win LVMH Chairman Arnault's heart
6Apple Pay service starts in Korea Apple Pay service starts in Korea
7US report voices concerns over S. Korea's press freedom US report voices concerns over S. Korea's press freedom
8Busan to have alternate no-driving days during Expo inspection Busan to have alternate no-driving days during Expo inspection
9LVMH allegedly joins takeover bid to acquire Missha LVMH allegedly joins takeover bid to acquire Missha
10Shinhan, Woori shine in overseas business Shinhan, Woori shine in overseas business
Top 5 Entertainment News
1Lee Se-young to lead MBC's new series 'The Story of Park's Marriage Contract' Lee Se-young to lead MBC's new series 'The Story of Park's Marriage Contract'
2Celebrities head back abroad to film K-food reality shows Celebrities head back abroad to film K-food reality shows
3[INTERVIEW] 'The Flag': Kwon Jin-ah's love letter to people chasing their dreams INTERVIEW'The Flag': Kwon Jin-ah's love letter to people chasing their dreams
4Park Sung-woong talks about filming 'Woong Nam' with comedian-turned-director Park Sung-woong talks about filming 'Woong Nam' with comedian-turned-director
5Kwon Sang-woo's new series to stream on Disney+ this year Kwon Sang-woo's new series to stream on Disney+ this year
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group