Bithumb launches R&D center for blockchain technology

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By Lee Kyung-min

Korea's leading cryptocurrency exchange Bithumb has set up a research center in a bid to strengthen blockchain technology capabilities and exchange operation, the firm said Monday.

Comprised of 30 members, the research and development (R&D) center set up Jan.1 has three research divisions specializing in blockchain, architecture and overall development. Additional IT experts will join the center over the next few months, the firm added.

The blockchain research team will bolster system security via analysis of public blockchain transactions and private keys.

Otherwise known as a secret key, a private key is a highly secure variable in cryptography used with an algorithm for encryption and decryption of codes.

The firm will develop a private key security protection technology to help with securing and safe storage of one of the methods of authentication.

Blockchain analysis will source cryptocurrency transactions. Technology to be developed will help the exchange better manage user addresses and cash wiring services.

The company's goal is convenient user security with the key functions of streamlined verification processes and ease of use.

An architecture analysis team will seek to develop a system whereby large-volume transactions can be processed without technical difficulties.

Data sharing between blockchain and exchange databases will be facilitated to improve the operation speed and maximize the use of stored information.

The development team will set up an application programming interface (API) gateway to boost overall service interface efficiency.

An API gateway is a server ― the single entry point into the system. Building an API gateway that is easy to understand and use is a commonly shared objective of program developers to ensure reliable processing of every API call.

“Bithumb is the only firm (in Korea) with a research center devoted to blockchain and cryptocurrency studies,” a bithumb official said.

“The center will help the firm become a blockchain-based comprehensive financial platform whose service will encompass big data, security and online trading systems,” he added.