KEB Hana Bank is seeking to boost cooperation with Korea University to foster blockchain-based technology, the bank said Sunday.
The two signed a memorandum of understanding (MOU) April 19 at the university in Seoul to boost cooperation in personnel exchanges and content sharing.
The joint project between the financial services entity and academia will maximize synergy in a range of sectors, the bank said.
The areas of key cooperation include joint R&D projects, nurturing blockchain technology experts.
Also included are blockchain-based data sharing and development of blockchain-oriented financial services and products.
The bank will apply the technology in issuing new student identification cards.
"Students will have their new ids issued much earlier than expected, because no in-person submission of related papers are required," a KEB Hana official said in a statement.
"Review of necessary documents will be conducted through student information sharing among the relevant departments."
Similar data sharing will be put into place between the bank the university to share a platform to achieve a paperless work process.
Meanwhile, the MOU is the latest move to boost blockchain-based techonology, a key component to achieving digital transformation, one of two objectives alongside globalization declared by bank CEO Ji Sung-kyoo.
KEB Hana is the first Korean bank to have joined Hyperledger, an umbrella project of open source blockchains and related tools to support the collaborative development of blockchain-based distributed ledgers.
Supported by big industry players like IBM, Intel and SAP Ariba, the project was launched in 2015 to advance cross-industry blockchain technologies.
KEB Hana is also the first Korean bank to have joined Ethernet Alliance, a nonprofit industry consortium launched in 2006 to promote and support Ethernet, a family of computer networking technologies commonly used in local area networks, metropolitan area networks and wide area networks.
The consortium incorporated in California seeks to support the development of standards that support Ethernet technology and to bring together the Ethernet industry.
Blockchain, known to be resistant to data modification, is considered an efficient, verifiable and permanent method of keeping record of transactions between parties given that the data recorded cannot be easily altered retroactively, which helps ensure accountability.