Blockchain Storage System For Documents Planned By South Korean Internet Agency

Blockchain, News | July 17, 2018 By:

The Korea Internet and Security Agency (KISA) has teamed with the Korea Housing Finance Corporation (HF) to develop a blockchain storage system for documents.

KISA is the Ministry of Science and ICT’s sub-organization dealing with the allocation and maintenance of South Korea’s Internet Protocol address space and Autonomous System Numbers. It is also responsible for cybersecurity of the Internet within South Korea, and runs the Korea Computer Emergency Response Team Coordination Center (KrCERT/CC) for the private sector of the country.

HF provides housing finance services for low-and middle-income families. It offers mortgage loans, housing guarantees for individuals and builders, and a government guaranteed reverse mortgage program for elderly Koreans. The company is also involved in the issuance of mortgage-backed securities, mortgage-backed bonds, and student loans.

The two entities signed a memorandum of understanding (MOU) to develop 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. The goal is to digitize paper documents and migrate them onto the blockchain storage system. In order to expand customers’ data protection, the entities also plan to provide blockchain self-identification services.

HF CEO Jung-hwan Lee said that the objective is to improve their services so that customers can easily use the products offered by the Housing Finance Corporation on mobile.