Usecases
Financial Securities Insurance
Main Keyword
Simple Authentication
Document Security(Data Security)
Easy Payments
Financial Securities
Insurance
In discussing innovation in the financial sector, the first thing that comes to customers’ minds is blockchain. Many believe that blockchain is going to change the IT infrastructure and service of the financial industry. In fact, global financial companies are already initiating projects to adopt blockchain and are devising ways of utilizing blockchain in terms of data security. As a consequence of various data-related security incidents, the financial sector which handles the most sensitive information of its customers has equipped itself with such a wide variety of security layers that it cannot be compared with those of other industries. Therefore, it is the sector that has the largest potential to utilize blockchain but also which has the most conservative sentiments. In order to introduce blockchain to the financial sector, a high level of security and convenience must be offered at the same time. BLOCKO has undergone projects that were concentrated on simple authentication, document security(data security) and easy payments. After the emergence of blockchain, there have been many attempts to adopt technology in the domestic financial sector.
J Bank
L Card
H Stock Exchange
S Credit Card
S Financial Group
K Financial Security Institute
K Financial Telecommunications
and Clearings Institute
and Clearings Institute
K Bank
J Bank
Delivery Type
System Integration
System Type
Cloud (AERGO Enterprise on AWS)
J Bank
- New smart banking blockchain authentication service
- The first among the world’s banking sector to offer a blockchain solution
BACKGROUND
- A belief that the main agents of the financial services that were provided exclusively by the financial companies will be changed to customers themselves through digital innovation
- The decision of J Bank to introduce blockchain to its system, with expectations that the blockchain will change the dynamics of financial services. J Bank have been expecting such changes since before the cryptocurrency boom began
- Plans were made to introduce a blockchain-based easy login system as an authentication system to replace the accredited certificate login that caused the greatest inconvenience for customers
CHALLENGE
- As J Bank was establishing the world’s first case in the banking sector to offer a blockchain solution, there were difficulties in obtaining references and the project seemed to pose a high risk
- Amount of time and cost that exceeded the expectations
- Difficulties in demonstrating security for blockchain-based authentication
SOLUTION
- Designing an easy login system using pin code by introducing AERGO Enterprise(formerly known as COINSTACK)
- Developing an architecture that meets the latest compliance guidelines for the financial sector
- Consulting Financial Security Institute to have blockchain security certified
- Holding regular blockchain training sessions for effective collaboration with the client
BENEFIT
- Provision of easy and highly secure login without having to require a accredited certificate
- Customer satisfaction and an increased number of customers achieved through applying blockchain into easy and secure login system
- A successful development of a brand image as an innovative financial enterprise, being the world’s first case in the banking sector to offer a blockchain solution
- Served a role as a driver for other enterprises and financial sectors to adopt blockchain, being a successful case in the financial sector to adopt blockchain
L Card
Delivery Type
System Integration
System Type
On-premise
L Card
- Blockchain-based authentication service
- The first among domestic credit card companies to introduce a blockchain payment system
BACKGROUND
- A goal to acquire the largest market share by adopting new technology and leveraging the brand power, as the credit card company with the fifth largest market share
- Proceeded to adopt blockchain quickly with expectations that blockchain will bring to drastic changes to financial market
- Through reviewing the successful implementation results of J Bank, L Card decided to adopt a blockchain payment system with confidence
CHALLENGE
- To avoid using multiple accounts according to different ID/PW policies of each service, and to develop an authentication system that can achieve a high level of security and more convenient user experience
- A need for an architecture that uses TSA (Time Stamping) service at low cost
SOLUTION
- Creating an easy login system and an easy payment system that operates through fingerprint authentication, by developing a blockchain-based biometric authentication solution using AERGO Enterprise OpenKeyChain to replace the current accredited certificate
- Preventing forgery and reducing the cost of using a certified electronic document archiving electronic system by applying blockchain-based TSA
- Reducing initial system installation cost by providing cloud-based AERGO Enterprise BaaS(Blockchain as a Service), and developing a customized infrastructure internally once the system is stabilized.
BENEFIT
- Secure, easy login system and easy payment system were made possible without having to use an accredited certificate
- The first blockchain system to process vast amounts of financial transactions in real-time
- The first case in the industry to successfully introduce blockchain that is currently used by 9 million users
H Stock Exchange
Delivery Type
System Integration
System Type
On-premise
H Stock Exchange
- Introduction of mainframe and software designed for the specialized stock market for startups, managed H Stock Exchange
- The first case in the domestic stock exchange sector to apply blockchain
- The first case to offer a document stamping function
BACKGROUND
- A need to introduce infrastructure for K** system, a specialized stock market for startups and SMEs, to further promote the startup ecosystem
- An aim to build an over-the-counter stock trading platform with fairness and convenience
- An aim to build a platform that can complete over-the-counter stock trading faster, to add vitality to the market
- The decision of H Stock Exchange to utilize BLOCKO’s technology, with the recommendation from the nation’s top financial security-specialized organization, K Financial Security Institue
CHALLENGE
- As substantial cost was already incurred in installing the existing over-the-counter trading system, the new system development had to be more cost-effective
- The time needed to settle trades had to be reduced from 4 days to less than 2 days, by replacing face-to-face floor trading with electronic trading.
- The pressure of being the first stock exchange for adopting blockchain
SOLUTION
- Developing blockchain-based easy login and biometric authentication system
- Developing authentication and document stamping system for stock trading
- Designing and providing maintenance for mobile application and web
- Resolving concerns of the client by providing proven technology from BLOCKO’s successful use cases with banks and credit card companies
BENEFIT
- Reduced number of days required to complete over-the-counter stock trading from stock signing to settlement, non-face-to-face, from 4 days to in a single day
- Easy to track stock quotes including price changes and direction by disclosing price information
- Possible to identify irregular transactions related to loan transactions and linked transactions by tracking transactions and asset change history
- Reduced KRW 88 Billion(equivalent to USD 75 million) in the annual system development/management costs
S Credit Card
Delivery Type
ASP, AERGO Enterprise cloud development
System Type
Cloud (AERGO Enterprise on Azure)
S Credit Card
- Blockchain-based reward certificate service
- Management of reward certificate issuance and user history data through blockchain
BACKGROUND
- Despite S Credit Card’s position as the largest credit card company in the domestic market, there were lots of customer complaints about the inconvenience of issuing and managing reward certificate s and going through authentications required to use reward certificates
- A need for enhancing security to resolve issues from reward certificate losses and thefts, as well as to simplify the authentication process to improve user experience by eliminating procedures that accompany credit card authentication or SMS verification
- A need to build a faster, more reliable reward certificate managing system for the company
CHALLENGE
- Reward certificate numbers (PINs) had to be registered in the blockchain network, and the respective employees of the credit card company and the partner company should be able to register reward certificate s
- A system should allow deleting and re-registering reward certificate numbers registered in the blockchain
- Reward certificate history should be possible to be checked within the credit card company system and the blockchain
- Reward certificate use should be authorized after checking the reward certificate number (fixed) and dynamic code (to prevent copying or reusing QR) in the blockchain network
SOLUTION
- Applying AERGO Enterprise(deploying 3 nodes on the cloud infrastructure)
- Establishing the whole lifecycle for reward certificate, from issuing and registering reward certificates to inquiring the current status and settlement, cancelling issuance, changing status, using, and cancelling the use of reward certificates
BENEFIT
- Ability to collectively manage reward certificate lifecycles with blockchain technology
- Ensured integrity of reward certificate lifecycles by separating subjects for each node (nodes for neutral use, nodes for operational use, nodes for partner company’s use)
- Ensured availability of file sharing in SPOF (Single Point of Failure) environment based on blockchain
- Simplified settlement process by sharing information on reward certificate usage from the point of reward certificate issuance with partner companies
- Increased customer convenience through inquiring and using reward certificate information that is saved on the blockchain via reward certificate wallet
S Financial Group
Delivery Type
AERGO Enterprise
System Type
On Premise
S Financial Group
- Development of blockchain-based integrated authentication system
- The first case in South Korea to apply blockchain throughout the entire company group
BACKGROUND
- Inconvenience in sharing data among subsidiaries of the company and substantial cost paid for sharing and managing data
- Customers were required to use different web or applications designed by each subsidiary to use various services offered by the subsidiaries. The inconvenient and time-consuming process of going through individual authentication demanded the development of an integrated application for both customer and administrative convenience
- S Financial Group wanted to fully leverage the blockchain-based authentication, which was first implemented in S Card, one of the subsidiaries of the company
CHALLENGE
- A need to use a separate integrated application for when using inter-affiliate services
- A need for integrated authentication data sharing such as those on service registration, cancellation, and discarding of service data
- A need to share reliable information on FIDO certificates and integrated authentication subscription information
SOLUTION
- Integrating authentication information from 4 subsidiaries within S Financial Group by deploying a blockchain-based integrated authentication system (Mobile App)
- Sharing integrated authentication data including user registration, cancellation, and deletion based on smart contracts.
- Sharing registration histories including FIDO issuance public key registration, inquiring block information for verification and PIN registration
BENEFIT
- Enabled verification of the final status of blockchain for the Integrated ID (ICID) in the integrated authentication system
- Ensured nonrepudiation and enhanced credibility of integrated authentication management between subsidiaries by sharing authentication information based on blockchain
- Enable authentication between OAuth SSO and users using PIN code, code & biometric authentication
- Ensured integrity of certificates by saving biometric authentication-based public key issued by FIDO server on blockchain
- Taking on the role of Dapp in the authorization server that is capable of registration/inquiry by utilizing smart contract
K Financial Security Institute
Delivery Type
Consulting (Web testbed development)
System Type
On-Premise & Cloud
K Financial Security Institute
- Blockchain testbed system
BACKGROUND
- Previous experience of conducting a testbed for the verification of blockchain technology in a conservative domestic financial institute
- Previous experience of security consulting for K Financial Security Institute while undertaking the J Bank project
- Technology verification project as a reaction to the global attention drawn on blockchain
CHALLENGE
- To prepare countermeasures against security issues that can arise when the financial sector adopts blockchain
- To find blockchain use case applicable for the financial sector such as Firm Banking( Firm banking is a B2B banking service for corporations to assist them in handling monthly recurring bills)
- To develop innovative financial models which do not require any intervention of financial intermediaries
- To develop a testbed which utilizes both traditional server and cloud
SOLUTION
- Issuing virtual accounts to implement processes such as deposit transfer and withdrawal transfer in blockchain-based web
- Developing a testbed to develop innovative financial models which do not require any intervention of financial intermediaries(Due to the characteristics of testbed, financial transactions were implemented based on DB query rather than smart contract)
- Configuring the nodes to utilize both cloud and on-premise infrastructure
- Saving processing information produced by financial transactions on the blockchain, and enabling information inquiries
- Holding regular training sessions on project stakeholders to organize and improve understanding of blockchain-related concepts
BENEFIT
- A successful testing result in replacing conventional operations including deposit, withdrawal, transfer, and virtual accounts which required financial intermediaries by implementing blockchain
- Completion of security review and validation of blockchain services such as authentication and transaction between financial institutions
- Successful positioning as an incubator for creating blockchain-based financial services
K Financial Telecommunications
and Clearings Institute
and Clearings Institute
Delivery Type
Technology internalization
System Type
On-Premise
K Financial Telecommunications and Clearings Institute
- Development of blockchain business-based modelling
- Proceeding blockchain-based technology verification
BACKGROUND
- A verification project on blockchain to reduce the controversy surrounding cryptocurrencies
- A need to verify the blockchain for it is the major technology in the fourth industrial revolution and also which is expected to bring many changes in the financial industry
- K Financial Telecommunications and Clearings Institute’s technology internalization project for AERGO Enterprise
CHALLENGE
- To review the options of introducing blockchain on existing payment settlement, customer authentication, information relay, and smart bond business had to be reviewed
- To install AERGO Enterprise’s OpenKeyChain
- To develop management tool web
- To develop a testbed for internalizing blockchain technology
- To educate developers participating in the project on blockchain for collaboration and installation support
SOLUTION
- Distributing 6 nodes (3 nodes in Yeoksam Center & 3 nodes in Bundang Center)
- Utilizing smart contract for automation of financial services
- Utilizing smart contract in payment settlement operations
- Verifying personal authentication, certificate management, and nonrepudiation functions utilizing blockchain
BENEFIT
- Application of blockchain in executing payment orders, limit controls, settlement processing, and processing inquiries
- Changing customer authentication tool issuance, public key registration, status management, and authenticity verification operations to be done through blockchain
- Development of smart bonds that can be used as cryptocurrencies
- Creation of a reference and validation material for carrying out future blockchain projects within K Financial Telecommunications and Clearings Institute
K Bank
Delivery Type
System Integration
System Type
Cloud
K Bank
- A blockchain-based micropayment simulation test
BACKGROUND
- A verification project on blockchain as a reaction to the controversy surrounding cryptocurrencies
- An aim to evaluate technological values and limitations of blockchain-based micropayment system
- An aim to improve understanding of the blockchain by operating the blockchain-based micropayment system
CHALLENGE
- To develop an application that can undergo distribution testing, by building a P2P method distributed ledger network and issuing a token based on the same system
- To develop an application that can undergo distribution testing, by building a P2P method distributed ledger network and issuing a token based on the same system
- To ensure anonymity in the payment system
- To conduct a simulation test within a short period of 4 months
SOLUTION
- Developing a wallet application that can safely manage private keys through multiple authentications in micropayments
- Utilizing consensus algorithm free of forks for the fast and stable processing speed of the blockchain network
- Improving customer convenience by applying Smart Oracle technology that can work with external systems
- Developing a dashboard and blockchain inquiry system for convenient system management (Transaction tracking and monitoring through Admin Console)
- Enhancing development productivity and accessibility by utilizing Amazon AWS (Development Department) and Naver N Cloud for hardware equipment
BENEFIT
- Achieved a significant decrease in writing and reading performance compared to a typical UTXO based network by using smart contracts
- Enabled non-stop node expansion, distribution, and modification of smart contracts and topology change operations
- Developed smart contract communications and alerting function through implementing smart Oracle
- Creation of a reference and validation material for carrying out future security payment blockchain projects
- Successful development and promotion of a brand image as an enterprise leading blockchain commercialization