Strategic partner AERGO will help the Bank …
Strategic partner AERGO to help Bank of Korea test blockchain
The Bank of Korea has begun to study the blockchain micropayment infrastructure with the participation of Blocko startup. Korean Central Bank wants to determine how efficient settlement of microtransactions in a distributed network can be in the context of saving time and reducing costs.
Blocko will provide a blockchain system that allows for transaction validation, participant authentication, wallet management, as well as create transaction processing procedures and mobile implementations aimed at micropayment solutions.
Backed by Samsung and collaborating with a number of other technology corporations, including LG, IBM and Hyundai, commercial blockchain startup Blocko has previously provided an experimental blockchain system for the South Korea Institute for Financial Telecommunications and Clearing and a distributed certification system for the Korean Federation of Banks, made up of 11 largest banking companies in the country.
“The Bank of Korea is using blockchain technology for the first time to carry out financial transactions among consumers,” the startup says.
In addition, ZDNet Korea announced late last week that Blocko will provide a distributed ledger technology platform to the Korean Ministry of Lands, Infrastructure and Transport that will streamline the process of distributing land information to departments, municipalities, financial institutions, and more. d.
Blocko is a strategic technology partner and developer of the well-known AERGO project, which raised $ 29 million in ICO in October this year. Both companies are engaged in the creation of distributed IT systems focused on meeting the needs of corporate clients..
AERGO’s investors include funds such as FBG Capital, GBIC and JRR Crypto, which is the second largest investor on the Binance cryptocurrency exchange. According to the AERGO roadmap, the launch of the main network of the project, represented by the “fourth generation blockchain with enterprise-grade capabilities”, should take place in the first quarter of next year..
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