Korea Exchange Bank (KEB Hana Bank), South Korea’s largest foreign exchange bank, has filed 46 patent applications for business models related to blockchain. According to a February 13 report from ZDNet Korea, some of the 46 patents are still being developed.
The Korea Exchange Bank is part of the Hana Financial Group, one of the largest bank holding companies in South Korea. All of the bank’s patent applications are for methods and systems for purchasing overseas products, systems and methods for electronic contracts and methods and systems for providing digital asset services using blockchain, ZDNet reported.
In addition to the patents, KEB Hana bank is also working on an internet banking service based on blockchain technology. The service will reportedly allow the issuance of IOUs, an informal document that acknowledges a debt owed.
Han Jun-Seong, a vice president at KEB Hana Bank, said that it is important to connect new business models and the bank’s internal systems via blockchain technology.