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14 February 2019Patents

Korea Exchange Bank files 46 applications for blockchain technology

A South Korean foreign exchange bank has filed 46 patent applications for several blockchain-based technology systems, it has been reported.

The applications were filed by  Korea Exchange Bank (KEB) and were first reported yesterday, February 13 by news website  ZDNet.

According to the website, the patents cover the use of blockchain for several applications including methods and systems for purchasing overseas products, systems and methods for electronic contracts, and methods and systems for providing digital asset services using the technology.

The website said some of the applied-for patents are for technology which is still in development.

A blockchain is a decentralised, distributed ledger for maintaining a permanent record of transactions. It is said to be virtually tamper-proof as one ‘block’ of information cannot be altered without the altering of all subsequent blocks in the chain simultaneously.

Additionally, it reported that KEB is also developing a blockchain-based internet banking service which allows for IOU’s to be issued.

Han Jun-Seong, deputy president of KEB, said that the bank is determined to develop blockchain systems which can successfully connect to its internal operations.

Seong said: “The patent applications are not merely about applying blockchain technology into the banking system,” he said.

“It is very critical to connect the new business models and the bank’s internal systems through blockchain technology,” he added.

Banking institutions are among the types of companies which are leading the way in filing patents for blockchain technology.

In June 2018, the US Patent and Trademark Office published a blockchain-related patent which was filed by Mastercard.

Called “Method and system for payment card verification via blockchain”,  the patent describes a method for conveying a “first public key” and payment credentials through a third-party data source by completing a number of steps.

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Patents
11 June 2018   The US Patent and Trademark Office has published a blockchain-related patent that was filed by Mastercard.