South Korean finance juggernaut KB Financial has reportedly been awarded a patent for its blockchain-based cybersecurity app, according to Cointelegraph, citing local news source The Digital Times.
The new patent centers on a blockchain-cored solution which improves an “essential” security program for fintech apps by separating it from individual apps, thereby enhancing safety. The separation also has the bonus of not needing users to update their applications individually.
As for the tech itself:
According to DT, the private encryption and decryption keys at the core of the new security solution will be separable and storable on a designated blockchain system, meaning that even if a user’s physical device (i.e. cell phone) is hacked or stolen, any illicit transactions would be blocked.
KB reportedly plans to implement its newly patented solution in overseas markets such as Southeast Asia; DT states the market is considered especially “vulnerable” to hacking due to the reported popularity of downloading pirate apps to devices such as cell phones.
The KB Financial Group counts South Korea’s largest bank, KB Kookmin Bank, among its various subsidiaries. The group reportedly manages over $340 billion in assets.
Photo: Republic of Korea