Blockchain technology is making its way into the financial sector. Blocko Inc, a Korean blockchain startup, implemented their technology for document and identity authentication into the KRX Startup market Exchange. Under the Contact name, this new solution supports various types of applications and protocols over the Bitcoin blockchain.
Blocko’s Coinstack Goes Live In Korea
The Korea Startup Market service serves as a marketplace where incumbents can trade equity shares on the open market.With the help of local blockchain company Blocko Inc, this entire platform is powered by Bitcoin blockchain technology. Moreover, all documents and identity authentication procedures will be done through distributed ledger technology.
Blocko has quickly become a favorite company in Korea, as they secured the highest number of client references in the country. Their Coinstack platform, running on the Bitcoin blockchain, is used by JB Bank, Paygate, and other institutions in the region. Moreover, the company secured US$1.3m in Series A funding led by Samsung Venture Investment Corporation in July of 2016.
Blocko Inc CEO Won-Beom Kim told the media:
“This is the first example of commercialization in which blockchain is applied to the Korean over-the-counter stock market. We are striving to advance our product by partnering with Samsung SDS, CISCO and others to apply blockchain to a wide range of industries in the future, beyond existing uses such as bonds, promissory notes and points within the financial sector.”
Coinstack is a service that operates a dual-pronged approach. First of all, there is the Cloud aspect, which is rather self-explanatory. Additionally, there is an On-premise solution, which allows for physical identity and document verification at any location in the world. Both options rely on the Bitcoin blockchain at all times.
But there is more, as Coinstack also serves as a development platform. In its current form, the solution supports blockchain based contracts, as well as Ethereum smart contracts. This developmental approach makes it easier for enterprises to incorporate Coinstack functionality into their existing services.
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