KT partners with Industrial Bank of Korea to launch blockchain-based currency exchange service

By Park Sae-jin Posted : October 31, 2019, 11:21 Updated : October 31, 2019, 11:21

[Courtesy of KT]

SEOUL -- KT, South Korea's largest telecom company, has partnered with the Industrial Bank of Korea (IBK) and an unmanned currency exchange service company to launch a blockchain-based foreign exchange service that would provide a fast and secure transaction service through a monitoring system.

KT said in a statement on Thursday that the company has agreed to collaborate with IBK and Bellsoft, an unmanned money exchange kiosk operator, to jointly develop and launch a blockchain-based currency exchange service.

"We are planning to demonstrate KT's blockchain platform's capabilities and excellence in various financial services sectors by jointly launching IBK's unmanned exchange reservation service," KT's Blockchain Business Center head Yoo Yong-kyu was quoted as saying.

Through the blockchain-based money exchange service, customers can make reservations to use the money-changing service using a smartphone app or a PC before they withdraw money from unmanned kiosks located at airports, bus terminals, hotels and shopping malls.

KT said that it has specially developed a blockchain platform that would process the transfer of transaction data between the main network of IBK and Bellsoft's unmanned kiosks. The blockchain technology monitors the whole process to prevent double transactions and malfunctions involving counterfeit money and corrupted data.

The blockchain-based currency exchange service will be tested on by IBK's technology demonstration laboratory before it is commercialized in 2020.
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Park Sae-jin Reporter
Park Sae-jin

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