Blockchain Technology Goes Further
This week blockchain technology went further on because another bank has decided to integrate it into the internal process.
KB Kookmin has reported that they acknowledge the benefits, blochckain technology can provide to the financial industry, as well as trading, tokens issuing, funding and even custodial services.
Proactive approach to blockchain technology
The bank is about to fight money laundering by implementing decentralized blockchain technology. It should also help to improve verification services, bursting the custodial services accordingly. KB Kookmin leaders understand that blockhain technology will disrupt all future finance system. They also said that they want to be ready for the moment when tokens will replace the assets though they do not know even the estimated time when it happens.
KB Kookmin’s experience
KB Kookmin is not new to blockchain technology. They are developing develop digital asset management services in close partnership with Atomrigs Lab. The services use technology developed by Atomrigs Lab and internal control infrastructure of KB Kookmin Bank. It is definitely a fresh approach to the technology.
However, KB Kookmin Bank’s service was criticized by Korea’s Financial Supervisory Service as far FSS considered to be suspicious Kookmin Bank’s virtual currency operations and transactions. In other words, governmental officials see the threat into the blockchain but at the same time strt paying more attention to it.