The Korea Internet & Security Agency (KISA) and the Korea Housing Finance Corporation (HF) have signed a memorandum of understanding (MOU) to develop a blockchain-based storage system for documents, Korean news agency Newsis reports July 16.
KISA and HF will introduce a blockchain system to manage electronic documents for mortgages and loans. KISA will provide HF with consulting and technology for building and operating the new system. HF, which provides housing finance services for low and middle-income families, will digitize paper documents and migrate them onto an online registered documents storage system.
The system also aims to provide blockchain-based self-identification services in order to expand customers’ data protection and streamline the customer experience. HF CEO Jung-hwan Lee said that “We will improve our services so that customers can easily use the products of Housing Finance Corporation on mobile.”
Founded in 2004, HF is a state-run corporation that, according to its website, promotes the development of the Korean economy by helping provide a stable supply of housing funds. KISA is a sub-organization of the Korean Ministry of Science and ICT which oversees the cybersecurity of the Internet in South Korea.
A range of educational, financial, and governmental organizations have begun to explore blockchain technology’s potential for securely and efficiently storing documents. In late June, a Russian university announced it will store diploma records using blockchain technology to improve document accessibility and authenticity. The Financial University said that all diplomas issued over the last ten years will be recorded using distributed ledger technology.
In April, the Russian National Intellectual Property Transactions Coordination Center (IPChain) signed an agreement with the State Patent Office of Kyrgyzstan (KyrgyzPatent) to provide a system for digitizing patent records on a blockchain-based storage system.
In March, major Polish bank PKO Bank Polski announced its partnership with blockchain startup Coinfirm to develop a blockchain-powered storage and verification system for bank documents. PKO bank hopes that the new measure will cut costs, as digitizing client records will eliminate the need for expensive paper documentation for over nine million customers.