Lotte Card to Use Biometric Blockchain Technology

Lotte Card, a major South Korean credit card company, has teamed up with blockchain startup Blocko Inc., and will use the latter’s technology to enabled blockchain accounting based on biometric authentication.Lotte Card to Use Biometric Blockchain Technology

In a statement announcing the partnership, the companies pointed out that while numerous financial services organizations in the country including JB Bank, KISA, Korea Exchange, and Paygate have adopted Blocko’s blockchain technology, its deployment with Lotte Card will be the first to integrate biometric authentication.

By creating a permanent digital record of all transactions, the blockchain concept is proving exciting to some in the financial services industry and elsewhere; and as it evolves it appears that blockchain platform providers are increasingly seeing the need to integrate biometric authentication into those records to ensure adequate accountability. WISeKey, for example, is another blockchain provider that recently incorporated biometric credentials into its platform.

That could help to further proliferate biometric technology in the future if blockchain continues to take off, with Blocko CEO Won-Beom Kim commenting that “blockchain technology is expected to be widely adopted by Internet of Things (IoT) industry, healthcare industry and electronic government segment as well as financial industry next year.”

December 7, 2016 – by Alex Perala