Filed 46 New Patent Applications For Blockchain-Based Business Models

The largest foreign exchange bank in South Korea- Korea Exchange Bank, Hana Bank as a part of the Hana Financial Group (HFG) is in our blockchain news today after filing 46 patent applications for blockchain-based business models according to the business news media ZDNet reports today.

KEB Hana Bank completed the 46 patent applications that will enable new blockchain-based systems and methods for purchasing products overseas and methods for electronic contracts. Also, some of the patents will be able to provide systems and methods for providing digital asset services with the help of blockchain technology.

According to the publication, some of the patents are still in the development process and KEB Hana Bank is working on a blockchain-based internet banking service. The vice president at KEB Hana Bank-Han Jun-Seong said:

“The patent applications are not just about applying blockchain technology into the banking system. It is important to connect the new business models and the bank’s internal system through a blockchain.”

Financial institutions such as banks are some of the types of companies that file for hundreds of blockchain patents. For example, the Bank of America (BoA) which is the second largest bank in the United States joined the informal blockchain patent race by having issued more than 50 applications by the end of October in 2018.

According to many surveys and analysis, banks are interested in blockchain and distributed ledger technology because they believe will have a huge impact on the entire financial industry positively and that they can benefit from it a lot as well.

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