[SEOUL ECONOMIC TV] Identification Service for Securities Firms Becomes More Safe and Convenient

Translated from: Seoul Economics TV (View Original)

See video at https://youtu.be/qARI0BCpBn8 (Read the script of the video below)

Introduction of blockchain identification service for securities firms

Blockchain technology stores information in a decentralized database

Blockchain increases security as hackers must penetrate every securities firm

Access to all participating brokerage services with the initial registration.

A single identification service that work universally across all registered securities firms.

[Anchor]

In the future, securities firms won’t need to use separate “Accredited Certificate”. This is because the KOFIA (Korea Financial Investment Association) plans to launch a personal identification trial service for brokerage firms using blockchain technology. Blockchain identification services can become more safe and convenient than traditional Accredited Certificates. Kim Sung Hoon reporter covers this story.

[Reporter]

Until now, in order to use securities service on your computer or smart phone, people had to use the government issued Accredited Certificate.

In the future, however, the blockchain identification services will replace traditional Accredited Certificates.

A representative from the Financial Investment Association said, “In October, domestic securities companies are preparing to provide personal identification trial services using blockchain technology.”

In December last year, the Korea Financial Investment Association (KITA) established a consortium with blockchain technology companies and 25 financial investment companies in order to implement blockchain certification services to financial institutions.

The pilot program was initially planned to start in July of this year, but the program was delayed to October, as system development was prolonged.

Blockchain refers to a technology that decentralizes information in a block form to all the subjects that send and receive the information, rather than collecting the information in a centralized server.

In the case of joint blockchain authentication service to be carried out in the future, the personal information distributed in block form when the customer authenticates is combined and the authentication is completed.

The universal blockchain identification service that will be implemented will decentralize personal information in the form of blocks, then reassemble the information for identification purposes.

In order for a hacker to hack the personal information stored in the form of a blockchain, it is necessary to combine the distributed information of each brokerage network so that it is much more secure than the public certificate.

In order for a hacker to penetrate the system and access personal information stored on the blockchain, the hacker would have to hack every single distributed information in each brokerage network, therefore blockchain decentralized information is more secure than traditional centralized Accredited Certificates.

The current Accredited Certificate system requires customers to register a separate certificate for each securities company. However, using the blockchain identification service, one the personal information is registered, the blockchain identification can be used universally across multiple securities services without additional registration.

Blockchain identification services can also help securities firms.

If securities firms do not use Accredited Certificates, securities firms can reduce the fees paid to certification authorities such as Koscom.

However, in the case of securities blockchain certification, it is jointly implemented. Therefore, in order to expand the service, it is also voiced that the subject of system and information management should be clarified.

As the blockchain identification service is a group service, when expanding the blockchain identification service, particular responsibility is needed for protecting information.

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