KB Kookmin Card to add blockchain identity solutions developed by Coinplug – EconoTimes bitcoin value 2012

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South korean credit card giant KB kookmin card, a subsidiary of KB kookmin bank will be integrating blockchain identity solutions developed by local bitcoin firm coinplug, coindesk reported.

The blockchain identity service will be based on coinplug’s ‘private blockchain technology’ called fidochain that provides a distributed digital identity verification and maintenance. The KB kookmin card plans to integrate the solution by the end of this year. FidoChain will help KB kookmin card to add, verify or revoke identities tied to a credit card product.Bitcoin value 2012

Richard yun, director and chief operation officer from coinplug told coindesk that KB kookmin wants to integrate the tool into its credit card onboarding services. “KB will use this for commercial purposes and the availability of this service will be for all customers of the KB card around mid-december.”

Coinplug submitted a prototype solution last year based on the digital identity concept to a competition held by JB financial group, winning prize money of $45,000. In addition to the identity solution, the startup is working on ‘coinplug identification system’, or CIS.

Earlier this february, KB kookmin bank signed an MOU with coinplug in order to develop a new foreign-exchange business model based on blockchain technology. Last october, coinplug closed a $5 million series B funding round, which raised its cumulative funding to $8.3 million.Bitcoin value 2012

South korea has been evolving in the adoption of the distributed ledger technology. The korea exchange (KRX) in may announced that it was moving to investigate the potential of blockchain technology to develop an over-the-counter trading platform using the technology. Later, the korean government revealed plans to support blockchain and fintech startups.

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