Korea digitizes mortgage and loan documents on a blockchain platform

16 July 2018

Korean public authorities further expand exploration of the blockchain technology with another use case adopting it for creating a document storage system. The Korea Internet & Security Agency (KISA) signed a memorandum of understanding with the Korea Housing Finance Corporation (HF) over the launch of a new project.

Under the terms of the memorandum, KISA and HF will develop a blockchain platform for managing electronic documents for mortgages and loans, where KISA will be providing advisory services and technology base to HF to create and control the new solution. HF will be moving the paper-based documents to a digital format and place them onto the online storage system for registered documents.

HF is providing housing finance services to low and middle-income households in Korea, ensuring stable supply of housing funds. The ultimate goal of creating a new platform is to bring blockchain-powered self-identification services for further protection of personal data and improving the customer experience.

HF CEO Jung-hwan Lee noted: “We will improve our services so that customers can easily use the products of Housing Finance Corporation on mobile.”

Earlier this month the Korea Communications Commission (KCC) and the Korea Internet & Security Agency (KISA) started investigation into the operations of cryptocurrency exchanges in terms of their handling personal information of the users for the compliance with the national regulations.

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