Stock investment block chain authentication era to open

[ Kim Min Soo minsu@ ] | 2017-10-23 11:14:22
The block-based joint authentication service for financial investment companies will be commercialized from the end of this month. According to the Korea Financial Investment Association (KITA), the consortium will hold an open event to introduce `CHAIN ID`, a block-chain co-verification service. The consortium will unveil joint certification services and block chain system technology at the event.

CHAIN ID is a self-certification service that utilizes a block chain, a core technology of the 4th industrial revolution, and is the first in the world to be implemented as a consortium.

Securities firms will be able to reduce their certification costs to one tenth of the existing level with the introduction of CHAIN ID. Currently, the consortium for block-chain financial investment companies is preparing a reasonable standard for calculating the fee for using CHAIN ID.

For investors, safer and more convenient stock trading becomes possible. The validity period of the certificate of the CHAIN ID is 3 years, so that the inconvenience of renewing the current certificate every year can be reduced. In addition, the security of the block chain technology, which is difficult to modulate and hack data, is further enhanced.

The financial investment business sector has been building a block chain consortium consisting of 26 securities companies and has been exploring a business model using block chain technology in December last year. Through this, it has been decided to build a block-chain-based joint authentication system first.

A total of 11 brokerage firms, including Daishin Securities, KB Securities, Hana Financial Investment, Korea Investment Securities and Hanhwa Investment Securities, The Korea Investment & Securities Association hope that if the block chain joint authentication service is commercialized in earnest, the number of participating companies will expand further.

An official from the Financial Investment Association said, "It is the first case in the world to build a block chain authentication system by forming a consortium, and we are showing high interest in the service abroad." "Currently, we start with 11 securities companies, Considering the commission, it is expected that the number of participating companies will increase further."

In addition, the block chain consortium of the financial investment industry will open a personal information leak prevention service at the open event. If the investor loses his / her ID card, the financial service company will receive the report and share it in real time through the block chain to prevent financial accidents. Eight brokerage firms will implement personal information leakage prevention services first.

The banking chain block chain consortium is planning to expand the block chain for liquidation settlement services for financial investment products in the second half of next year, and for OTC derivatives and OTC derivatives trading in 2020.

Meanwhile, the bank chain block chain consortium has selected Samsung SDS as its main player and plans to commercialize the joint authentication service in the first half of next year. In the future, banks and financial investment companies will establish a joint certification system and plan to use a single certificate without additional registration procedures.


By Kim Min Soo minsu@


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