ETNews — Korea’s central bank and issuer of the South Korean won, Bank of Korea, has begun exploring blockchain-based micropayment settlement infrastructure. The bank is looking to find out how effective microtransaction settlements on distributed networks could be with regards to making transaction outputs happen faster and saving costs. To this effect, Blocko has begun facilitating micropayments for the Bank of Korea for a total duration of two months.
Blocko will provide a blockchain system that allows for transaction validation, participant authentication, wallet management as well as create transaction processes and mobile implementations centered around the micropayment solution.
Blocko has been a hot topic in the Korean fintech blockchain space. The startup has been providing blockchain testbeds for the Korea Financial Telecommunications & Clearings Institute and provided a shared certificate system based on a consortium blockchain implementation of Coinstack to the Korea Federation of Banks, which consists of 11 of Korea’s largest banking companies. This is the first time the Bank of Korea has used blockchain technology for financial transactions among consumers.
For a central bank to be exploring blockchain technology directly in this way is not only surprising and in some ways ironic, but incredibly meaningful with regards to what the future holds for distributed networking in finance.
Blocko is a well-funded, Samsung-backed commercial blockchain startup offering multinational organizations the ability to design, deploy, and manage digital services on a secure distributed network. Enterprise-IT integration and cloud deployment know-how are at the core of its value proposition. The company provides a stable and secure blockchain operating system and an easy-to-use development platform with stable APIs.
Blocko builds and supports AERGO which takes Blocko’s battle-tested technology to the next level by morphing it into an entire end-to-end open-source platform based around a hybrid blockchain design. AERGO allows businesses to build innovative applications and services by sharing data on a trustless and serverless IT ecosystem.
About Bank of Korea
The Bank of Korea is the central bank of the Republic of Korea and issuer of South Korean won. It was established on June 12, 1950, in Seoul, South Korea.